Great Lakes Dredge & Dock (NASDAQ:GLDD) Stock Rating Upgraded by Wall Street Zen

Great Lakes Dredge & Dock (NASDAQ:GLDD) was upgraded by equities research analysts at Wall Street Zen to a “strong-buy” rating in a note issued to investors on Saturday.

Several other analysts have also recently weighed in on GLDD. CJS Securities reaffirmed a “market perform” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 11th. Noble Financial cut shares of Great Lakes Dredge & Dock from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 12th. Texas Capital lowered shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. JPMorgan Chase & Co. lowered shares of Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 target price for the company. in a research report on Thursday, March 26th. Finally, Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.00.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $17.00 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.88 and a debt-to-equity ratio of 0.73. The business’s 50 day simple moving average is $16.55 and its 200 day simple moving average is $13.99. Great Lakes Dredge & Dock has a 12 month low of $7.51 and a 12 month high of $17.02. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 1.26 and a beta of 1.38.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.10. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. The firm had revenue of $256.45 million during the quarter, compared to analyst estimates of $216.30 million. Sell-side analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 228.7% during the third quarter. Millennium Management LLC now owns 1,146,135 shares of the construction company’s stock valued at $13,742,000 after purchasing an additional 797,411 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Great Lakes Dredge & Dock by 680.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 841,140 shares of the construction company’s stock valued at $10,253,000 after buying an additional 733,312 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in Great Lakes Dredge & Dock by 404.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 492,191 shares of the construction company’s stock valued at $6,000,000 after buying an additional 394,543 shares in the last quarter. Simcoe Capital LLC purchased a new position in Great Lakes Dredge & Dock during the fourth quarter valued at $4,955,000. Finally, Goldman Sachs Group Inc. raised its stake in Great Lakes Dredge & Dock by 120.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 634,720 shares of the construction company’s stock valued at $8,328,000 after buying an additional 347,334 shares during the last quarter. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

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.