Great Lakes Dredge & Dock (NASDAQ:GLDD) Lifted to Hold at Zacks Investment Research

Great Lakes Dredge & Dock (NASDAQ:GLDDGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “

Separately, StockNews.com began coverage on shares of Great Lakes Dredge & Dock in a report on Thursday, March 31st. They issued a “buy” rating on the stock.

GLDD stock traded down $0.10 during midday trading on Tuesday, reaching $15.27. 168,545 shares of the company were exchanged, compared to its average volume of 216,937. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.96 and a current ratio of 2.16. Great Lakes Dredge & Dock has a 1-year low of $13.24 and a 1-year high of $16.27. The stock’s 50-day simple moving average is $14.30 and its 200 day simple moving average is $14.60. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 19.58 and a beta of 0.70.

Great Lakes Dredge & Dock (NASDAQ:GLDDGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The construction company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Great Lakes Dredge & Dock had a return on equity of 13.34% and a net margin of 6.96%. The company had revenue of $194.35 million for the quarter, compared to analyst estimates of $176.00 million. During the same period in the previous year, the business posted $0.13 EPS. On average, research analysts anticipate that Great Lakes Dredge & Dock will post 0.91 earnings per share for the current year.

In other news, COO David E. Simonelli sold 17,700 shares of Great Lakes Dredge & Dock stock in a transaction on Monday, May 9th. The shares were sold at an average price of $14.12, for a total value of $249,924.00. Following the transaction, the chief operating officer now directly owns 245,866 shares of the company’s stock, valued at approximately $3,471,627.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.22% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Franklin Resources Inc. grew its position in Great Lakes Dredge & Dock by 3.8% in the 3rd quarter. Franklin Resources Inc. now owns 5,959,579 shares of the construction company’s stock valued at $89,930,000 after buying an additional 219,512 shares during the last quarter. Jennison Associates LLC grew its position in Great Lakes Dredge & Dock by 1.4% in the 1st quarter. Jennison Associates LLC now owns 5,264,455 shares of the construction company’s stock valued at $73,860,000 after buying an additional 72,769 shares during the last quarter. Vanguard Group Inc. grew its position in Great Lakes Dredge & Dock by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 3,213,922 shares of the construction company’s stock valued at $45,092,000 after buying an additional 61,518 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Great Lakes Dredge & Dock by 9.6% during the 1st quarter. William Blair Investment Management LLC now owns 2,847,114 shares of the construction company’s stock worth $39,945,000 after purchasing an additional 249,846 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Great Lakes Dredge & Dock by 25.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,697,719 shares of the construction company’s stock worth $42,408,000 after purchasing an additional 549,127 shares in the last quarter. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Great Lakes Dredge & Dock Company Profile (Get Rating)

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.

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