Great Lakes Dredge & Dock (NASDAQ:GLDD) Hits New 52-Week High – Here’s Why

Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $11.98 and last traded at $11.97, with a volume of 336165 shares traded. The stock had previously closed at $11.53.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com lowered Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th. Noble Financial raised their target price on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd.

Great Lakes Dredge & Dock Price Performance

The stock has a 50 day simple moving average of $10.12 and a two-hundred day simple moving average of $9.15. The firm has a market cap of $811.14 million, a PE ratio of 21.12, a price-to-earnings-growth ratio of 0.41 and a beta of 1.15. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.13 and a current ratio of 1.32.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. The business had revenue of $170.09 million during the quarter, compared to analyst estimates of $165.00 million. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. During the same quarter last year, the business posted $0.03 EPS. Sell-side analysts expect that Great Lakes Dredge & Dock Co. will post 0.8 earnings per share for the current year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, CEO Lasse Petterson sold 46,510 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $9.08, for a total transaction of $422,310.80. Following the sale, the chief executive officer now directly owns 931,101 shares in the company, valued at $8,454,397.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 128,990 shares of company stock worth $1,174,747. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several institutional investors have recently bought and sold shares of the company. Essex Investment Management Co. LLC boosted its holdings in Great Lakes Dredge & Dock by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 347,517 shares of the construction company’s stock worth $3,659,000 after buying an additional 915 shares during the last quarter. ARS Investment Partners LLC lifted its stake in Great Lakes Dredge & Dock by 11.0% in the 2nd quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock worth $107,000 after purchasing an additional 1,200 shares in the last quarter. Quarry LP lifted its stake in Great Lakes Dredge & Dock by 68.5% in the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock worth $27,000 after purchasing an additional 1,259 shares in the last quarter. nVerses Capital LLC lifted its stake in Great Lakes Dredge & Dock by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 3,500 shares of the construction company’s stock worth $37,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Creative Planning lifted its stake in Great Lakes Dredge & Dock by 8.2% in the 2nd quarter. Creative Planning now owns 38,688 shares of the construction company’s stock worth $340,000 after purchasing an additional 2,919 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.