Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up After Analyst Upgrade

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s share price gapped up before the market opened on Monday after Noble Financial raised their price target on the stock from $11.00 to $14.00. The stock had previously closed at $10.45, but opened at $10.70. Noble Financial currently has an outperform rating on the stock. Great Lakes Dredge & Dock shares last traded at $10.69, with a volume of 55,711 shares trading hands.

Separately, StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th.

Insider Buying and Selling

In other news, CEO Lasse Petterson sold 53,771 shares of Great Lakes Dredge & Dock stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.06, for a total transaction of $487,165.26. Following the completion of the transaction, the chief executive officer now directly owns 987,758 shares in the company, valued at $8,949,087.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 128,990 shares of company stock worth $1,174,747 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Great Lakes Dredge & Dock

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP boosted its stake in shares of 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 buying an additional 1,259 shares during the last quarter. Innealta Capital LLC bought a new stake in Great Lakes Dredge & Dock during the second quarter worth $30,000. CWM LLC boosted its position in Great Lakes Dredge & Dock by 520.5% in the second quarter. CWM LLC now owns 5,051 shares of the construction company’s stock worth $44,000 after purchasing an additional 4,237 shares during the last quarter. ARS Investment Partners LLC increased its position in shares of Great Lakes Dredge & Dock by 11.0% during the 2nd quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock valued at $107,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $113,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Stock Up 2.4 %

The company has a market capitalization of $717.00 million, a PE ratio of 18.79, a P/E/G ratio of 0.34 and a beta of 1.15. The stock’s fifty day moving average is $9.30 and its two-hundred day moving average is $8.80. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.98.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results 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. 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 period in the prior year, the firm earned $0.03 EPS. As a group, analysts predict that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current year.

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.