Great Lakes Dredge & Dock (NASDAQ:GLDD) Sets New 52-Week High – Here’s Why

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) reached a new 52-week high during trading on Wednesday . The company traded as high as $16.99 and last traded at $16.99, with a volume of 3870 shares changing hands. The stock had previously closed at $16.98.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Texas Capital lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Zacks Research lowered Great Lakes Dredge & Dock from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Noble Financial downgraded Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 12th. JPMorgan Chase & Co. initiated coverage on shares of Great Lakes Dredge & Dock in a report on Thursday, January 22nd. They issued an “overweight” rating and a $20.00 target price for the company. Finally, Weiss Ratings upgraded shares of Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Great Lakes Dredge & Dock has an average rating of “Moderate Buy” and an average target price of $20.00.

Great Lakes Dredge & Dock Stock Performance

The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $1.13 billion, a PE ratio of 15.86, a PEG ratio of 1.25 and a beta of 1.38. The firm has a 50 day moving average price of $15.15 and a 200-day moving average price of $13.18.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings data on Monday, February 23rd. The construction company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.20 by $0.10. The company had revenue of $256.45 million for the quarter, compared to analyst estimates of $216.30 million. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%. Research analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In related news, SVP David Johanson sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $13.96, for a total value of $29,316.00. Following the transaction, the senior vice president directly owned 91,963 shares of the company’s stock, valued at approximately $1,283,803.48. This trade represents a 2.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its stake in Great Lakes Dredge & Dock by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 12,168 shares of the construction company’s stock worth $160,000 after acquiring an additional 786 shares during the last quarter. MAI Capital Management raised its holdings in Great Lakes Dredge & Dock by 79.2% in the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after buying an additional 955 shares during the period. State of Wyoming boosted its stake in Great Lakes Dredge & Dock by 3.3% during the third 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 period. AE Wealth Management LLC increased its position in shares of Great Lakes Dredge & Dock by 8.1% during the third quarter. AE Wealth Management LLC now owns 19,175 shares of the construction company’s stock valued at $230,000 after acquiring an additional 1,443 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of 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 acquiring an additional 1,474 shares during the period. Hedge funds and other institutional investors own 89.11% of the company’s stock.

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.