Great Lakes Dredge & Dock (NASDAQ:GLDD) Downgraded by JPMorgan Chase & Co. to “Underweight”

JPMorgan Chase & Co. lowered shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a neutral rating to an underweight rating in a research note released on Thursday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $17.00 price objective on the construction company’s stock.

GLDD has been the subject of several other reports. CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, March 11th. Noble Financial lowered Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 12th. Wall Street Zen cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. Weiss Ratings raised Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. Finally, Texas Capital lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Great Lakes Dredge & Dock presently has a consensus rating of “Hold” and an average target price of $17.00.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock opened at $16.97 on Thursday. The firm’s 50 day moving average price is $16.32 and its 200-day moving average price is $13.78. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.01. Great Lakes Dredge & Dock has a one year low of $7.51 and a one year high of $16.99. The firm has a market cap of $1.13 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.26 and a beta of 1.38.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.10. The firm had revenue of $256.45 million during the quarter, compared to the consensus estimate of $216.30 million. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. As a group, equities research analysts predict that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Management Professionals Inc. purchased a new stake in Great Lakes Dredge & Dock during the 4th quarter worth about $25,000. MAI Capital Management boosted its stake in shares of Great Lakes Dredge & Dock by 79.2% in the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after buying an additional 955 shares during the period. Farther Finance Advisors LLC grew its position in shares of Great Lakes Dredge & Dock by 231.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after buying an additional 1,474 shares in the last quarter. Strs Ohio acquired a new position in shares of Great Lakes Dredge & Dock during the first quarter worth about $45,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Great Lakes Dredge & Dock during the third quarter worth approximately $46,000. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

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.