Short Interest in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Declines By 10.1%

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) saw a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 761,200 shares, a decline of 10.1% from the November 15th total of 846,600 shares. Based on an average daily volume of 430,100 shares, the short-interest ratio is presently 1.8 days. Approximately 1.2% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Noble Financial raised their price target on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd.

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, Director Kathleen M. Shanahan sold 23,238 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $12.63, for a total value of $293,495.94. Following the sale, the director now owns 67,675 shares of the company’s stock, valued at $854,735.25. The trade was a 25.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Great Lakes Dredge & Dock

A number of hedge funds have recently bought and sold shares of the company. Quarry LP boosted its stake in shares of Great Lakes Dredge & Dock by 68.5% during the second quarter. Quarry LP now owns 3,097 shares of the construction company’s stock valued at $27,000 after purchasing an additional 1,259 shares during the period. Innealta Capital LLC purchased a new stake in Great Lakes Dredge & Dock in the second quarter valued at approximately $30,000. nVerses Capital LLC boosted its position in Great Lakes Dredge & Dock by 400.0% in the third quarter. nVerses Capital LLC now owns 3,500 shares of the construction company’s stock valued at $37,000 after buying an additional 2,800 shares during the last quarter. CWM LLC boosted its position in Great Lakes Dredge & Dock by 520.5% in the 2nd quarter. CWM LLC now owns 5,051 shares of the construction company’s stock worth $44,000 after purchasing an additional 4,237 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Great Lakes Dredge & Dock in the 3rd quarter worth approximately $147,000. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

GLDD traded down $0.21 during trading hours on Tuesday, hitting $11.88. The stock had a trading volume of 441,806 shares, compared to its average volume of 427,503. Great Lakes Dredge & Dock has a 1 year low of $6.55 and a 1 year high of $12.89. The company’s fifty day simple moving average is $12.12 and its 200 day simple moving average is $10.31. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97. The stock has a market cap of $799.19 million, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.48 and a beta of 1.15.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, November 5th. The construction company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.05). Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. The business had revenue of $191.17 million for the quarter, compared to analysts’ expectations of $180.80 million. During the same period last year, the firm posted ($0.09) earnings per share. Equities analysts anticipate that Great Lakes Dredge & Dock will post 0.76 earnings per share for the current year.

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.