Great Lakes Dredge & Dock (NASDAQ:GLDD) Sets New 52-Week High – Here’s Why

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $16.99 and last traded at $16.99, with a volume of 3870 shares. The stock had previously closed at $16.98.

Analyst Ratings Changes

Several research firms have recently commented on GLDD. CJS Securities upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. assumed coverage on Great Lakes Dredge & Dock in a report on Thursday, January 22nd. They set an “overweight” rating and a $20.00 target price for the company. Wall Street Zen cut shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. Zacks Research cut shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Finally, Texas Capital lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Great Lakes Dredge & Dock Trading Down 0.1%

The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 15.86, a P/E/G ratio of 1.25 and a beta of 1.38. The business’s 50 day moving average is $15.15 and its 200 day moving average is $13.18. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.01 and a quick ratio of 0.88.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Monday, February 23rd. The construction company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.10. The business had revenue of $256.45 million during the quarter, compared to analysts’ expectations of $216.30 million. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%. As a group, equities analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Insider Activity at Great Lakes Dredge & Dock

In related news, SVP David Johanson sold 2,100 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $13.96, for a total value of $29,316.00. Following the completion of the sale, the senior vice president directly owned 91,963 shares of the company’s stock, valued at $1,283,803.48. The trade was a 2.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by company insiders.

Institutional Trading of Great Lakes Dredge & Dock

Large investors have recently made changes to their positions in the company. Financial Management Professionals Inc. purchased a new position in shares of Great Lakes Dredge & Dock during the fourth quarter worth approximately $25,000. Farther Finance Advisors LLC increased its stake in Great Lakes Dredge & Dock by 231.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock valued at $28,000 after purchasing an additional 1,474 shares during the period. MAI Capital Management increased its stake in Great Lakes Dredge & Dock by 79.2% in the third quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after purchasing an additional 955 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of Great Lakes Dredge & Dock in the third quarter valued at about $46,000. Finally, Federated Hermes Inc. boosted its stake in shares of Great Lakes Dredge & Dock by 43.5% during the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after buying an additional 1,505 shares during the period. 89.11% of the stock is owned by institutional investors and hedge funds.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.