Great Lakes Dredge & Dock (NASDAQ:GLDD) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a buy rating in a research report report published on Monday.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock opened at $10.99 on Monday. The stock has a market cap of $746.51 million, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.06 and a beta of 1.23. The business has a fifty day simple moving average of $9.25 and a 200-day simple moving average of $10.50. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97. Great Lakes Dredge & Dock has a 12 month low of $7.51 and a 12 month high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, May 6th. The construction company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.25 by $0.24. The business had revenue of $242.87 million during the quarter, compared to analysts’ expectations of $206.70 million. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. On average, sell-side analysts anticipate that Great Lakes Dredge & Dock will post 0.69 EPS for the current fiscal year.

Great Lakes Dredge & Dock announced that its board has initiated a share repurchase plan on Friday, March 14th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten acquired 3,875 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the purchase, the senior vice president now owns 61,532 shares of the company’s stock, valued at approximately $476,873. This trade represents a 6.72% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Eleni Beyko sold 22,579 shares of Great Lakes Dredge & Dock stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $10.26, for a total value of $231,660.54. Following the completion of the transaction, the senior vice president now owns 50,138 shares in the company, valued at $514,415.88. The trade was a 31.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Institutional investors have recently made changes to their positions in the business. AlphaQuest LLC bought a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth about $33,000. Byrne Asset Management LLC bought a new position in Great Lakes Dredge & Dock during the first quarter valued at about $40,000. Quarry LP increased its stake in Great Lakes Dredge & Dock by 213.7% during the first quarter. Quarry LP now owns 5,503 shares of the construction company’s stock valued at $48,000 after acquiring an additional 3,749 shares during the period. Federated Hermes Inc. increased its stake in Great Lakes Dredge & Dock by 878.9% during the fourth quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company’s stock valued at $63,000 after acquiring an additional 5,045 shares during the period. Finally, R Squared Ltd bought a new position in Great Lakes Dredge & Dock during the fourth quarter valued at about $69,000. 89.11% of the stock is currently owned by institutional investors.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.