Private Management Group Inc. Sells 488,992 Shares of Great Lakes Dredge & Dock Corporation $GLDD

Private Management Group Inc. lessened its stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 42.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 653,550 shares of the construction company’s stock after selling 488,992 shares during the quarter. Private Management Group Inc.’s holdings in Great Lakes Dredge & Dock were worth $7,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLDD. Strs Ohio bought a new stake in Great Lakes Dredge & Dock in the 1st quarter valued at $45,000. Quarry LP increased its holdings 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 worth $48,000 after purchasing an additional 3,749 shares during the last quarter. AlphaQuest LLC increased its holdings in shares of Great Lakes Dredge & Dock by 330.4% in the first quarter. AlphaQuest LLC now owns 12,598 shares of the construction company’s stock worth $110,000 after purchasing an additional 9,671 shares during the last quarter. Teza Capital Management LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the first quarter worth about $111,000. Finally, R Squared Ltd bought a new position in Great Lakes Dredge & Dock during the second quarter valued at approximately $125,000. Institutional investors own 89.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on GLDD shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, October 8th. Zacks Research raised shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy”.

Great Lakes Dredge & Dock Price Performance

Shares of Great Lakes Dredge & Dock stock opened at $11.86 on Friday. The stock has a market cap of $806.47 million, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 0.94 and a beta of 1.40. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.15. The stock has a 50 day moving average price of $11.80 and a 200-day moving average price of $11.56. Great Lakes Dredge & Dock Corporation has a one year low of $7.51 and a one year high of $13.05.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, November 4th. The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.09. The company had revenue of $195.21 million for the quarter, compared to analyst estimates of $201.30 million. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%. Equities analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

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.