Goldman Sachs Group Inc. Trims Stock Position in Great Lakes Dredge & Dock Corporation $GLDD

Goldman Sachs Group Inc. decreased its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 27.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 503,976 shares of the construction company’s stock after selling 195,081 shares during the period. Goldman Sachs Group Inc. owned about 0.74% of Great Lakes Dredge & Dock worth $4,385,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Byrne Asset Management LLC purchased a new position in Great Lakes Dredge & Dock in the first quarter valued at $40,000. Strs Ohio purchased a new position in Great Lakes Dredge & Dock in the first quarter valued at $45,000. Quarry LP increased its holdings in Great Lakes Dredge & Dock by 213.7% in the first quarter. Quarry LP now owns 5,503 shares of the construction company’s stock valued at $48,000 after buying an additional 3,749 shares in the last quarter. AlphaQuest LLC grew its position in shares of Great Lakes Dredge & Dock by 330.4% in the first quarter. AlphaQuest LLC now owns 12,598 shares of the construction company’s stock valued at $110,000 after purchasing an additional 9,671 shares during the period. Finally, Teza Capital Management LLC acquired a new stake in shares of Great Lakes Dredge & Dock in the first quarter valued at about $111,000. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Analyst Ratings Changes

Separately, Zacks Research upgraded shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, the company currently has an average rating of “Strong Buy” and a consensus target price of $14.00.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $11.97 on Thursday. The company’s 50 day simple moving average is $11.50 and its 200-day simple moving average is $10.54. The company has a market capitalization of $813.90 million, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 1.00 and a beta of 1.34. Great Lakes Dredge & Dock Corporation has a 1 year low of $7.51 and a 1 year high of $12.89. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.15.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, August 5th. The construction company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.06. The business had revenue of $193.76 million for the quarter, compared to the consensus estimate of $177.70 million. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. As a group, equities research analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current year.

About Great Lakes Dredge & Dock

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.