Great Lakes Dredge & Dock (NASDAQ:GLDD) Hits New 12-Month High – What’s Next?

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $12.42 and last traded at $12.32, with a volume of 41982 shares trading hands. The stock had previously closed at $11.61.

Wall Street Analysts Forecast Growth

GLDD has been the subject of a number of research analyst reports. Noble Financial upped their price objective on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. StockNews.com cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th.

Great Lakes Dredge & Dock Trading Up 6.5 %

The firm has a fifty day moving average price of $10.81 and a 200-day moving average price of $9.50. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.32 and a quick ratio of 1.13. The company has a market capitalization of $831.14 million, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 0.42 and a beta of 1.13.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, November 5th. The construction company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). The company had revenue of $191.17 million for the quarter, compared to analysts’ expectations of $180.80 million. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. During the same quarter last year, the business posted ($0.09) EPS. On average, equities research analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.8 earnings per share for the current year.

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 46,510 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $9.08, for a total value of $422,310.80. Following the sale, the chief executive officer now directly owns 931,101 shares in the company, valued at $8,454,397.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 128,990 shares of company stock worth $1,174,747. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of large investors have recently modified their holdings of GLDD. Algert Global LLC bought a new position in Great Lakes Dredge & Dock in the 2nd quarter valued at $2,192,000. Sanctuary Advisors LLC bought a new stake in Great Lakes Dredge & Dock during the second quarter valued at $2,057,000. Marshall Wace LLP purchased a new position in Great Lakes Dredge & Dock during the second quarter worth about $1,823,000. Bfsg LLC increased its stake in Great Lakes Dredge & Dock by 1,465.4% in the 3rd quarter. Bfsg LLC now owns 185,035 shares of the construction company’s stock worth $1,948,000 after acquiring an additional 173,215 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Great Lakes Dredge & Dock by 379.3% in the 2nd quarter. AQR Capital Management LLC now owns 208,218 shares of the construction company’s stock valued at $1,828,000 after acquiring an additional 164,780 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors.

Great Lakes Dredge & Dock Company Profile

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.