Great Lakes Dredge & Dock (NASDAQ:GLDD) Sets New 1-Year High – What’s Next?

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) reached a new 52-week high during trading on Monday . The company traded as high as $17.00 and last traded at $16.9650, with a volume of 15693 shares trading hands. The stock had previously closed at $16.94.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GLDD. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 target price on shares of Great Lakes Dredge & Dock in a research report on Wednesday, March 4th. Texas Capital downgraded Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 11th. Zacks Research upgraded Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Wall Street Zen downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. Finally, CJS Securities reiterated a “market perform” rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, March 11th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Great Lakes Dredge & Dock currently has an average rating of “Hold” and an average price target of $17.00.

Great Lakes Dredge & Dock Price Performance

The firm has a market capitalization of $1.13 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.25 and a beta of 1.38. The business has a fifty day moving average of $16.09 and a 200-day moving average of $13.66. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.01.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.10. The firm had revenue of $256.45 million for the quarter, compared to the consensus estimate of $216.30 million. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%. On average, sell-side analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

Institutional Trading of Great Lakes Dredge & Dock

A number of hedge funds and other institutional investors have recently made changes to their positions in GLDD. State of Tennessee Department of Treasury acquired a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $177,000. NewEdge Advisors LLC raised its position in Great Lakes Dredge & Dock by 4,730.2% in the fourth quarter. NewEdge Advisors LLC now owns 20,287 shares of the construction company’s stock worth $266,000 after acquiring an additional 19,867 shares in the last quarter. Empowered Funds LLC lifted its holdings in Great Lakes Dredge & Dock by 26.9% in the 4th quarter. Empowered Funds LLC now owns 312,266 shares of the construction company’s stock valued at $4,097,000 after acquiring an additional 66,178 shares during the last quarter. XTX Topco Ltd lifted its holdings in Great Lakes Dredge & Dock by 51.0% in the 4th quarter. XTX Topco Ltd now owns 16,654 shares of the construction company’s stock valued at $218,000 after acquiring an additional 5,627 shares during the last quarter. Finally, Zacks Investment Management boosted its position in shares of Great Lakes Dredge & Dock by 30.0% during the 4th quarter. Zacks Investment Management now owns 152,586 shares of the construction company’s stock valued at $2,002,000 after purchasing an additional 35,234 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors.

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.