Great Lakes Dredge & Dock (NASDAQ:GLDD) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a strong sell rating in a research note released on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Noble Financial reaffirmed an “outperform” rating on shares of Great Lakes Dredge & Dock in a report on Thursday, January 29th. Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, January 21st. Wall Street Zen downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Saturday, January 24th. JPMorgan Chase & Co. assumed coverage on Great Lakes Dredge & Dock in a research report on Thursday, January 22nd. They issued an “overweight” rating and a $20.00 price target for the company. Finally, CJS Securities raised shares of Great Lakes Dredge & Dock to a “strong-buy” rating in a research note on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Great Lakes Dredge & Dock Stock Down 0.6%

Shares of GLDD opened at $14.89 on Tuesday. The business’s 50 day simple moving average is $13.92 and its 200-day simple moving average is $12.47. Great Lakes Dredge & Dock has a 1 year low of $7.51 and a 1 year high of $16.72. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.20 and a quick ratio of 1.06. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 12.62, a price-to-earnings-growth ratio of 1.13 and a beta of 1.42.

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

Insiders Place Their Bets

In other news, SVP David Johanson sold 2,100 shares of Great Lakes Dredge & Dock stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $13.96, for a total transaction of $29,316.00. Following the completion of the sale, the senior vice president directly owned 91,963 shares in the company, valued at approximately $1,283,803.48. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several large investors have recently added to or reduced their stakes in GLDD. Financial Management Professionals Inc. bought a new position in Great Lakes Dredge & Dock in the fourth quarter worth approximately $25,000. MAI Capital Management increased its holdings 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 acquiring an additional 955 shares during the period. Farther Finance Advisors LLC raised its position 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 worth $28,000 after acquiring an additional 1,474 shares in the last quarter. Strs Ohio purchased a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth $45,000. Finally, State of Alaska Department of Revenue bought a new stake in Great Lakes Dredge & Dock during the third quarter valued at about $46,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

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.