Wall Street Zen Downgrades Great Lakes Dredge & Dock (NASDAQ:GLDD) to Hold

Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

GLDD has been the subject of several other research reports. JPMorgan Chase & Co. began coverage on shares of Great Lakes Dredge & Dock in a research note on Thursday. They set an “overweight” rating and a $20.00 price target for the company. Zacks Research downgraded Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Weiss Ratings raised Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Finally, CJS Securities raised Great Lakes Dredge & Dock to a “strong-buy” rating in a research report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $20.00.

Great Lakes Dredge & Dock Stock Down 2.2%

Shares of GLDD opened at $15.41 on Friday. The firm has a fifty day moving average price of $13.38 and a 200-day moving average price of $12.23. The company has a current ratio of 1.20, a quick ratio of 1.06 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $1.05 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.16 and a beta of 1.40. Great Lakes Dredge & Dock has a 12-month low of $7.51 and a 12-month high of $16.72.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings results on Tuesday, November 4th. The construction company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09. The company had revenue of $195.21 million for the quarter, compared to the consensus estimate of $201.30 million. Great Lakes Dredge & Dock had a net margin of 9.65% and a return on equity of 16.84%. Equities research analysts expect that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current year.

Insider Transactions at Great Lakes Dredge & Dock

In other news, SVP David Johanson sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $13.02, for a total transaction of $130,200.00. Following the transaction, the senior vice president directly owned 94,063 shares of the company’s stock, valued at approximately $1,224,700.26. This represents a 9.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. MAI Capital Management boosted its holdings in Great Lakes Dredge & Dock by 79.2% in the third quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after purchasing an additional 955 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings 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 buying an additional 1,474 shares during the period. Strs Ohio purchased a new stake in shares of Great Lakes Dredge & Dock in the first quarter worth about $45,000. State of Alaska Department of Revenue purchased a new stake in shares of Great Lakes Dredge & Dock in the third quarter worth about $46,000. Finally, Federated Hermes Inc. grew its holdings in Great Lakes Dredge & Dock by 43.5% during the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after acquiring an additional 1,505 shares during the period. Institutional investors and hedge funds 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.