505,543 Shares in Great Lakes Dredge & Dock Corporation $GLDD Purchased by Gabelli Funds LLC

Gabelli Funds LLC bought a new position in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) during the 1st quarter, Holdings Channel reports. The firm bought 505,543 shares of the construction company’s stock, valued at approximately $8,594,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parallel Advisors LLC boosted its stake in shares of Great Lakes Dredge & Dock by 39.0% during the 1st quarter. Parallel Advisors LLC now owns 2,304 shares of the construction company’s stock worth $39,000 after acquiring an additional 647 shares in the last quarter. ProShare Advisors LLC increased its stake in Great Lakes Dredge & Dock by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 12,168 shares of the construction company’s stock valued at $160,000 after purchasing an additional 786 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Great Lakes Dredge & Dock by 231.4% in the 4th quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock valued at $28,000 after purchasing an additional 1,474 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Great Lakes Dredge & Dock by 0.8% during the third quarter. Raymond James Financial Inc. now owns 188,570 shares of the construction company’s stock worth $2,261,000 after purchasing an additional 1,476 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings 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. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD opened at $17.00 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.73. The stock has a market cap of $1.14 billion, a P/E ratio of 15.89, a PEG ratio of 1.26 and a beta of 1.38. The company has a 50-day moving average of $15.47 and a two-hundred day moving average of $16.04. Great Lakes Dredge & Dock Corporation has a 12-month low of $8.80 and a 12-month high of $17.02.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Saturday, April 4th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Great Lakes Dredge & Dock presently has an average rating of “Hold” and an average price target 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.