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

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) reached a new 52-week high during trading on Monday . The company traded as high as $17.00 and last traded at $16.9650, with a volume of 15693 shares traded. The stock had previously closed at $16.94.

Analyst Ratings Changes

GLDD has been the subject of a number of research reports. CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 11th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $17.00 price target on shares of Great Lakes Dredge & Dock in a research report on Wednesday, March 4th. Weiss Ratings raised Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. Wall Street Zen downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. Finally, Noble Financial lowered shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.00.

Great Lakes Dredge & Dock Stock Performance

The company has a debt-to-equity ratio of 0.73, a current ratio of 1.01 and a quick ratio of 0.88. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.25 and a beta of 1.38. The firm’s fifty day moving average is $16.09 and its 200 day moving average is $13.66.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Monday, February 23rd. The construction company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.10. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. The firm had revenue of $256.45 million for the quarter, compared to the consensus estimate of $216.30 million. On average, analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of hedge funds have recently added to or reduced their stakes in GLDD. Royal Bank of Canada boosted its stake in shares of Great Lakes Dredge & Dock by 9.9% during the 1st quarter. Royal Bank of Canada now owns 35,035 shares of the construction company’s stock worth $305,000 after acquiring an additional 3,169 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at approximately $304,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Great Lakes Dredge & Dock by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,190 shares of the construction company’s stock worth $341,000 after purchasing an additional 1,653 shares during the last quarter. Empowered Funds LLC acquired a new stake in Great Lakes Dredge & Dock in the 1st quarter worth approximately $1,726,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Great Lakes Dredge & Dock by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 246,766 shares of the construction company’s stock worth $2,147,000 after purchasing an additional 3,042 shares during the period. Institutional investors and hedge funds own 89.11% of the company’s stock.

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.