Great Lakes Dredge & Dock (NASDAQ:GLDD) Rating Lowered to Strong Sell at Zacks Research

Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

A number of other brokerages have also commented on GLDD. JPMorgan Chase & Co. initiated coverage on shares of Great Lakes Dredge & Dock in a research report on Thursday, January 22nd. They set an “overweight” rating and a $20.00 price objective for the company. CJS Securities upgraded shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Thursday, December 11th. Noble Financial reissued an “outperform” rating on shares of Great Lakes Dredge & Dock in a report on Thursday, January 29th. Weiss Ratings upgraded shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.00.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ:GLDD opened at $14.98 on Tuesday. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.17 and a beta of 1.42. The business has a 50 day moving average price of $13.87 and a 200 day moving average price of $12.46. The company has a quick ratio of 1.06, a current ratio of 1.20 and a debt-to-equity ratio of 0.83. Great Lakes Dredge & Dock has a twelve month low of $7.51 and a twelve month high of $16.72.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.09. The company had revenue of $195.21 million during the quarter, compared to analysts’ expectations of $201.30 million. Great Lakes Dredge & Dock had a return on equity of 16.84% and a net margin of 9.65%. Research analysts predict that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, SVP David Johanson sold 2,100 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $13.96, for a total transaction of $29,316.00. Following the transaction, the senior vice president owned 91,963 shares of the company’s stock, valued at $1,283,803.48. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is currently owned by insiders.

Institutional Trading of Great Lakes Dredge & Dock

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Simcoe Capital LLC bought a new position in shares of Great Lakes Dredge & Dock in the 4th quarter valued at about $4,955,000. Nwam LLC acquired a new stake in shares of Great Lakes Dredge & Dock during the fourth quarter worth $2,853,000. New York State Teachers Retirement System bought a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at about $80,000. R Squared Ltd increased its holdings in Great Lakes Dredge & Dock by 16.8% in the fourth quarter. R Squared Ltd now owns 19,819 shares of the construction company’s stock valued at $260,000 after purchasing an additional 2,854 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in Great Lakes Dredge & Dock by 40.2% in the fourth quarter. Sanctuary Advisors LLC now owns 328,554 shares of the construction company’s stock valued at $4,311,000 after buying an additional 94,162 shares during the period. 89.11% of the stock is owned by institutional investors.

Great Lakes Dredge & Dock Company Profile

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.