Short Interest in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Expands By 20.3%

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 2,936,995 shares, a growth of 20.3% from the February 26th total of 2,441,466 shares. Based on an average trading volume of 1,949,113 shares, the days-to-cover ratio is presently 1.5 days. Approximately 4.5% of the shares of the company are sold short.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock traded up $0.03 on Tuesday, hitting $17.00. The stock had a trading volume of 2,771,469 shares, compared to its average volume of 1,693,952. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. Great Lakes Dredge & Dock has a twelve month low of $7.51 and a twelve month high of $17.02. The business’s 50 day moving average is $16.45 and its two-hundred day moving average is $13.92.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.10. The business had revenue of $256.45 million during the quarter, compared to analysts’ expectations of $216.30 million. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%. Analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GLDD. Noble Financial cut Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 12th. Weiss Ratings raised shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. Zacks Research upgraded shares of Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Texas Capital lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.00.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of institutional investors have recently modified their holdings of the business. Financial Management Professionals Inc. bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth approximately $25,000. Farther Finance Advisors LLC increased its stake in Great Lakes Dredge & Dock by 231.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock valued at $28,000 after acquiring an additional 1,474 shares during the last quarter. MAI Capital Management raised its position in Great Lakes Dredge & Dock by 79.2% during the third quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after purchasing an additional 955 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Great Lakes Dredge & Dock during the third quarter valued at approximately $46,000. Finally, Federated Hermes Inc. lifted its stake in Great Lakes Dredge & Dock by 43.5% during the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after purchasing an additional 1,505 shares during the last quarter. 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.