Great Lakes Dredge & Dock (NASDAQ:GLDD) Sets New 12-Month High Following Better-Than-Expected Earnings

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $12.93 and last traded at $12.77, with a volume of 1119935 shares changing hands. The stock had previously closed at $11.38.

The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. The firm had revenue of $195.21 million during the quarter, compared to analyst estimates of $201.30 million.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLDD. Weiss Ratings reiterated a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, October 8th. Zacks Research lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GLDD. Strs Ohio purchased a new position in Great Lakes Dredge & Dock in the 1st quarter valued at about $45,000. State of Alaska Department of Revenue acquired a new position in shares of Great Lakes Dredge & Dock during the third quarter valued at approximately $46,000. Quarry LP lifted its position in shares of Great Lakes Dredge & Dock by 213.7% in the first quarter. Quarry LP now owns 5,503 shares of the construction company’s stock valued at $48,000 after acquiring an additional 3,749 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Great Lakes Dredge & Dock by 43.5% in the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after acquiring an additional 1,505 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of Great Lakes Dredge & Dock by 125.0% in the third quarter. CWM LLC now owns 6,995 shares of the construction company’s stock worth $84,000 after acquiring an additional 3,886 shares during the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Price Performance

The company has a 50-day moving average of $11.70 and a 200 day moving average of $11.33. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $828.86 million, a PE ratio of 11.61, a PEG ratio of 0.94 and a beta of 1.40.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.