Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Short Interest Update

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 1,572,087 shares, a decline of 46.5% from the March 15th total of 2,936,995 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 1,922,817 shares, the days-to-cover ratio is presently 0.8 days.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC raised its position in Great Lakes Dredge & Dock by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 12,168 shares of the construction company’s stock worth $160,000 after buying an additional 786 shares during the last quarter. MAI Capital Management raised 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 buying an additional 955 shares during the last quarter. State of Wyoming raised its position in Great Lakes Dredge & Dock by 3.3% during the 3rd quarter. State of Wyoming now owns 36,148 shares of the construction company’s stock worth $433,000 after buying an additional 1,142 shares during the last quarter. AE Wealth Management LLC raised its position in Great Lakes Dredge & Dock by 8.1% during the 3rd quarter. AE Wealth Management LLC now owns 19,175 shares of the construction company’s stock worth $230,000 after buying an additional 1,443 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in Great Lakes Dredge & Dock by 231.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after buying an additional 1,474 shares during the last quarter. 89.11% of the stock is owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Price Performance

GLDD stock remained flat at $17.00 on Tuesday. The business’s 50 day moving average price is $16.78 and its two-hundred day moving average price is $14.23. Great Lakes Dredge & Dock has a twelve month low of $7.51 and a twelve month high of $17.02. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 15.89, a P/E/G 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 (NASDAQ:GLDD) last released its quarterly earnings results on Monday, February 23rd. The construction company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.20 by $0.10. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. The firm had revenue of $256.45 million during the quarter, compared to the consensus estimate of $216.30 million. Research analysts expect that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, March 11th. Noble Financial downgraded shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 12th. Texas Capital downgraded shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Finally, JPMorgan Chase & Co. downgraded shares of Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 price objective for the company. in a research report on Thursday, March 26th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Great Lakes Dredge & Dock has an average rating of “Hold” and a consensus target price of $17.00.

About Great Lakes Dredge & Dock

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.