Great Lakes Dredge and Dock (NASDAQ:GLDD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, March 9th.
According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “
Several other research analysts also recently weighed in on GLDD. Cantor Fitzgerald reissued a “hold” rating on shares of Great Lakes Dredge and Dock in a research report on Sunday, December 31st. BidaskClub downgraded shares of Great Lakes Dredge and Dock from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Finally, Noble Financial assumed coverage on shares of Great Lakes Dredge and Dock in a report on Thursday, January 25th. They set a “buy” rating and a $7.50 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Great Lakes Dredge and Dock has a consensus rating of “Hold” and an average target price of $7.00.
Shares of Great Lakes Dredge and Dock stock remained flat at $$4.60 during trading on Friday. 200,949 shares of the stock traded hands, compared to its average volume of 207,049. The company has a current ratio of 1.75, a quick ratio of 1.51 and a debt-to-equity ratio of 1.93. Great Lakes Dredge and Dock has a 1-year low of $3.60 and a 1-year high of $5.70.
Great Lakes Dredge and Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, February 20th. The construction company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.06. The business had revenue of $191.70 million for the quarter, compared to the consensus estimate of $181.90 million. Great Lakes Dredge and Dock had a negative net margin of 4.45% and a negative return on equity of 6.64%. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. equities research analysts predict that Great Lakes Dredge and Dock will post -0.15 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of GLDD. Jennison Associates LLC boosted its holdings in shares of Great Lakes Dredge and Dock by 28.1% during the fourth quarter. Jennison Associates LLC now owns 4,941,042 shares of the construction company’s stock worth $26,682,000 after purchasing an additional 1,083,810 shares during the period. Segall Bryant & Hamill LLC boosted its holdings in shares of Great Lakes Dredge and Dock by 75.6% during the fourth quarter. Segall Bryant & Hamill LLC now owns 1,965,621 shares of the construction company’s stock worth $10,614,000 after purchasing an additional 846,044 shares during the period. Private Management Group Inc. boosted its holdings in shares of Great Lakes Dredge and Dock by 65.9% during the third quarter. Private Management Group Inc. now owns 1,596,569 shares of the construction company’s stock worth $7,743,000 after purchasing an additional 633,921 shares during the period. Blackstone Group L.P. acquired a new stake in shares of Great Lakes Dredge and Dock during the third quarter worth approximately $1,841,000. Finally, S. Muoio & CO. LLC acquired a new stake in shares of Great Lakes Dredge and Dock during the fourth quarter worth approximately $1,632,000. Institutional investors and hedge funds own 77.17% of the company’s stock.
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Great Lakes Dredge and Dock Company Profile
Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved in capital dredging that consists of port expansion projects, coastal restoration and land reclamations, trench digging for pipelines, tunnels and cables, and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.
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