Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Short Interest Down 15.4% in October

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 670,400 shares, a decline of 15.4% from the October 15th total of 792,100 shares. Based on an average daily volume of 486,700 shares, the days-to-cover ratio is presently 1.4 days. Approximately 1.0% of the shares of the stock are short sold.

Great Lakes Dredge & Dock Trading Down 1.6 %

Shares of GLDD stock traded down $0.20 during trading hours on Friday, reaching $11.94. The company had a trading volume of 381,804 shares, compared to its average volume of 428,847. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. Great Lakes Dredge & Dock has a 1-year low of $6.34 and a 1-year high of $12.83. The company has a 50 day moving average of $11.26 and a 200 day moving average of $9.75. The firm has a market cap of $802.89 million, a price-to-earnings ratio of 13.72, a P/E/G ratio of 0.45 and a beta of 1.13.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, November 5th. The construction company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). The company had revenue of $191.17 million for the quarter, compared to the consensus estimate of $180.80 million. Great Lakes Dredge & Dock had a return on equity of 13.35% and a net margin of 7.97%. During the same quarter last year, the business posted ($0.09) EPS. On average, equities research analysts anticipate that Great Lakes Dredge & Dock will post 0.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLDD. StockNews.com cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Noble Financial lifted their price target on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, CEO Lasse Petterson sold 46,510 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $9.08, for a total transaction of $422,310.80. Following the sale, the chief executive officer now directly owns 931,101 shares of the company’s stock, valued at $8,454,397.08. This represents a 4.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathleen M. Shanahan sold 23,238 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $12.63, for a total transaction of $293,495.94. Following the completion of the transaction, the director now owns 67,675 shares of the company’s stock, valued at $854,735.25. This trade represents a 25.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 152,228 shares of company stock worth $1,468,243. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Great Lakes Dredge & Dock by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,561,897 shares of the construction company’s stock worth $16,450,000 after purchasing an additional 22,166 shares in the last quarter. Barclays PLC lifted its holdings in Great Lakes Dredge & Dock by 338.9% during the third quarter. Barclays PLC now owns 106,642 shares of the construction company’s stock worth $1,123,000 after acquiring an additional 82,344 shares in the last quarter. State Street Corp increased its holdings in shares of Great Lakes Dredge & Dock by 0.9% in the third quarter. State Street Corp now owns 1,540,516 shares of the construction company’s stock worth $16,222,000 after acquiring an additional 13,010 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Great Lakes Dredge & Dock during the third quarter worth about $147,000. Finally, Harvey Partners LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 9.8% during the 3rd quarter. Harvey Partners LLC now owns 3,647,500 shares of the construction company’s stock valued at $38,408,000 after purchasing an additional 325,500 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages 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.