Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Short Interest Update

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) saw a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 2,079,026 shares, an increase of 22.8% from the January 15th total of 1,693,066 shares. Approximately 3.1% of the shares of the company are sold short. Based on an average daily volume of 1,027,272 shares, the days-to-cover ratio is presently 2.0 days. Based on an average daily volume of 1,027,272 shares, the days-to-cover ratio is presently 2.0 days. Approximately 3.1% of the shares of the company are sold short.

Insider Activity

In related news, SVP David Johanson sold 2,100 shares of Great Lakes Dredge & Dock stock in a transaction dated 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 transaction, the senior vice president 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 SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in Great Lakes Dredge & Dock by 9.9% during the 1st quarter. Royal Bank of Canada now owns 35,035 shares of the construction company’s stock worth $305,000 after acquiring an additional 3,169 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth $304,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Great Lakes Dredge & Dock by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,190 shares of the construction company’s stock worth $341,000 after purchasing an additional 1,653 shares during the period. Empowered Funds LLC acquired a new position in Great Lakes Dredge & Dock in the first quarter valued at about $1,726,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Great Lakes Dredge & Dock by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 246,766 shares of the construction company’s stock worth $2,147,000 after purchasing an additional 3,042 shares during the period. 89.11% of the stock is currently owned by institutional investors.

Great Lakes Dredge & Dock Trading Down 0.4%

GLDD stock opened at $16.89 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.20. The company’s 50-day simple moving average is $14.42 and its 200 day simple moving average is $12.75. Great Lakes Dredge & Dock has a 52 week low of $7.51 and a 52 week high of $16.99. The company has a market capitalization of $1.15 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GLDD. Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. Texas Capital cut shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Zacks Research lowered shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. 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. Finally, JPMorgan Chase & Co. started coverage on shares of Great Lakes Dredge & Dock in a research note on Thursday, January 22nd. They issued an “overweight” rating and a $20.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Great Lakes Dredge & Dock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

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.