Great Lakes Dredge & Dock (NASDAQ:GLDD) Hits New 12-Month High at $11.39

Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) hit a new 52-week high during trading on Wednesday . The company traded as high as $11.39 and last traded at $11.38, with a volume of 142240 shares trading hands. The stock had previously closed at $10.72.

Analyst Upgrades and Downgrades

GLDD has been the subject of several recent analyst reports. 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. Noble Financial increased their price target on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd.

Great Lakes Dredge & Dock Trading Up 9.6 %

The firm’s 50-day simple moving average is $9.49 and its 200 day simple moving average is $8.90. The firm has a market cap of $787.36 million, a P/E ratio of 20.16, a price-to-earnings-growth ratio of 0.38 and a beta of 1.15. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.98.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. The business had revenue of $170.09 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $0.03 EPS. As a group, analysts expect that Great Lakes Dredge & Dock Co. will post 0.8 earnings per share for the current year.

Insider Activity

In related news, CEO Lasse Petterson sold 46,510 shares of Great Lakes Dredge & Dock stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $9.08, for a total transaction of $422,310.80. Following the completion of the sale, the chief executive officer now owns 931,101 shares of the company’s stock, valued at $8,454,397.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 128,990 shares of company stock worth $1,174,747. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of hedge funds and other institutional investors have recently modified their holdings of GLDD. Sanctuary Advisors LLC bought a new stake in Great Lakes Dredge & Dock in the second quarter worth $2,057,000. Quarry LP lifted its stake in Great Lakes Dredge & Dock by 68.5% in the second quarter. Quarry LP now owns 3,097 shares of the construction company’s stock worth $27,000 after acquiring an additional 1,259 shares during the period. Creative Planning boosted its stake in shares of Great Lakes Dredge & Dock by 8.2% during the 2nd quarter. Creative Planning now owns 38,688 shares of the construction company’s stock valued at $340,000 after purchasing an additional 2,919 shares in the last quarter. Algert Global LLC bought a new stake in Great Lakes Dredge & Dock during the 2nd quarter valued at approximately $2,192,000. Finally, AQR Capital Management LLC grew its stake in Great Lakes Dredge & Dock by 379.3% in the second quarter. AQR Capital Management LLC now owns 208,218 shares of the construction company’s stock worth $1,828,000 after purchasing an additional 164,780 shares during the period. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

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.