Great Lakes Dredge & Dock (NASDAQ:GLDD) Sets New 1-Year Low on Disappointing Earnings

Great Lakes Dredge & Dock Co. (NASDAQ:GLDDGet Rating) hit a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $10.64 and last traded at $10.64, with a volume of 10306 shares traded. The stock had previously closed at $12.99.

The construction company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.23). Great Lakes Dredge & Dock had a net margin of 6.96% and a return on equity of 13.34%. During the same period in the prior year, the company earned $0.03 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Wednesday.

Insider Buying and Selling

In related news, COO David E. Simonelli sold 17,700 shares of the firm’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of $14.12, for a total value of $249,924.00. Following the completion of the sale, the chief operating officer now directly owns 245,866 shares in the company, valued at $3,471,627.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.22% of the stock is owned by corporate insiders.

Institutional Trading of Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently made changes to their positions in GLDD. Alliancebernstein L.P. lifted its position in shares of Great Lakes Dredge & Dock by 25.6% during the fourth 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 during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Great Lakes Dredge & Dock during the fourth quarter valued at $7,870,000. William Blair Investment Management LLC increased its stake in shares of Great Lakes Dredge & Dock by 9.6% during the first quarter. William Blair Investment Management LLC now owns 2,847,114 shares of the construction company’s stock valued at $39,945,000 after buying an additional 249,846 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in shares of Great Lakes Dredge & Dock during the first quarter valued at $1,960,000. Finally, TCW Group Inc. increased its stake in shares of Great Lakes Dredge & Dock by 14.5% during the first quarter. TCW Group Inc. now owns 1,098,538 shares of the construction company’s stock valued at $15,412,000 after buying an additional 138,811 shares during the period. 96.18% of the stock is currently owned by institutional investors.

Great Lakes Dredge & Dock Stock Performance

The stock has a market cap of $648.10 million, a PE ratio of 12.58 and a beta of 0.70. The company has a quick ratio of 1.96, a current ratio of 2.16 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average price of $13.19 and a 200 day moving average price of $13.85.

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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