Great Lakes Dredge & Dock (NASDAQ:GLDD – Get Free Report) had its price target raised by stock analysts at Noble Financial from $11.00 to $14.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. Noble Financial’s price target would indicate a potential upside of 30.72% from the company’s current price.
Separately, StockNews.com cut shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th.
View Our Latest Stock Analysis on Great Lakes Dredge & Dock
Great Lakes Dredge & Dock Trading Up 2.5 %
Great Lakes Dredge & Dock (NASDAQ:GLDD – Get Free Report) last posted its earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.08. Great Lakes Dredge & Dock had a net margin of 6.61% and a return on equity of 10.05%. The firm had revenue of $170.09 million during the quarter, compared to the consensus estimate of $165.00 million. During the same quarter last year, the firm earned $0.03 EPS. As a group, research analysts anticipate that Great Lakes Dredge & Dock will post 0.8 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Lasse Petterson sold 28,709 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $9.24, for a total value of $265,271.16. Following the completion of the transaction, the chief executive officer now owns 902,392 shares in the company, valued at $8,338,102.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 128,990 shares of company stock worth $1,174,747. Company insiders own 2.20% of the company’s stock.
Institutional Trading of Great Lakes Dredge & Dock
Hedge funds and other institutional investors have recently bought and sold shares of the business. Algert Global LLC purchased a new position in shares of Great Lakes Dredge & Dock during the second quarter worth about $2,192,000. Sanctuary Advisors LLC purchased a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter valued at approximately $2,057,000. Marshall Wace LLP purchased a new position in Great Lakes Dredge & Dock during the 2nd quarter worth $1,823,000. GSA Capital Partners LLP purchased a new position in Great Lakes Dredge & Dock during the first quarter worth about $1,701,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Great Lakes Dredge & Dock by 4.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,356,468 shares of the construction company’s stock valued at $33,458,000 after buying an additional 192,053 shares during the period. 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.
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