Great Lakes Dredge & Dock (NASDAQ:GLDD) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other research firms also recently commented on GLDD. CJS Securities raised shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy”.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD stock opened at $13.35 on Monday. The stock has a 50 day moving average price of $12.82 and a 200 day moving average price of $12.02. Great Lakes Dredge & Dock has a 52-week low of $7.51 and a 52-week high of $14.02. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.20. The firm has a market capitalization of $907.80 million, a P/E ratio of 11.36, a P/E/G ratio of 1.05 and a beta of 1.40.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a return on equity of 16.84% and a net margin of 9.65%.The company had revenue of $195.21 million for the quarter, compared to the consensus estimate of $201.30 million. As a group, sell-side analysts predict that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current year.

Insider Activity

In other news, SVP David Johanson sold 10,000 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $13.02, for a total value of $130,200.00. Following the transaction, the senior vice president owned 94,063 shares of the company’s stock, valued at $1,224,700.26. The trade was a 9.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GLDD. MAI Capital Management grew its position in Great Lakes Dredge & Dock by 79.2% during the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after purchasing an additional 955 shares during the period. Strs Ohio acquired a new stake in Great Lakes Dredge & Dock during the first quarter worth about $45,000. State of Alaska Department of Revenue purchased a new position in Great Lakes Dredge & Dock during the third quarter valued at approximately $46,000. Federated Hermes Inc. increased its holdings in 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 valued at $61,000 after buying an additional 1,505 shares in the last quarter. Finally, CWM LLC boosted its position in Great Lakes Dredge & Dock by 125.0% during the third quarter. CWM LLC now owns 6,995 shares of the construction company’s stock worth $84,000 after purchasing an additional 3,886 shares in the last quarter. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.