Polar Asset Management Partners Inc. Buys Shares of 200,000 Great Lakes Dredge & Dock Corporation $GLDD

Polar Asset Management Partners Inc. bought a new position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 200,000 shares of the construction company’s stock, valued at approximately $3,400,000.

Several other hedge funds have also modified their holdings of GLDD. OMERS ADMINISTRATION Corp purchased a new stake in shares of Great Lakes Dredge & Dock during the first quarter valued at about $14,688,000. Millennium Management LLC grew its position in shares of Great Lakes Dredge & Dock by 228.7% in the 3rd quarter. Millennium Management LLC now owns 1,146,135 shares of the construction company’s stock worth $13,742,000 after buying an additional 797,411 shares during the last quarter. Gabelli Funds LLC purchased a new position in shares of Great Lakes Dredge & Dock in the 1st quarter worth approximately $8,594,000. Cubist Systematic Strategies LLC raised its stake in shares of Great Lakes Dredge & Dock by 404.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 492,191 shares of the construction company’s stock worth $6,000,000 after acquiring an additional 394,543 shares in the last quarter. Finally, Simcoe Capital LLC bought a new position in shares of Great Lakes Dredge & Dock during the 4th quarter worth approximately $4,955,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.00.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD stock opened at $17.00 on Tuesday. Great Lakes Dredge & Dock Corporation has a 1-year low of $8.80 and a 1-year high of $17.02. The stock’s fifty day moving average price is $15.47 and its 200 day moving average price is $16.06. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.01 and a quick ratio of 0.88. The company 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.

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.