Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.63 and traded as high as $11.17. Great Lakes Dredge & Dock shares last traded at $11.08, with a volume of 336,408 shares traded.

Wall Street Analysts Forecast Growth

Separately, Noble Financial upped their target price on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd.

Great Lakes Dredge & Dock Stock Down 2.6 %

The stock has a market cap of $745.37 million, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.48 and a beta of 1.17. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21. The company’s 50-day moving average price is $12.03 and its 200 day moving average price is $10.63.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, November 5th. The construction company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.05). Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. The business had revenue of $191.17 million for the quarter, compared to analysts’ expectations of $180.80 million. During the same period in the previous year, the company earned ($0.09) EPS. As a group, analysts forecast that Great Lakes Dredge & Dock Co. will post 0.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kathleen M. Shanahan sold 23,238 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $12.63, for a total value of $293,495.94. Following the completion of the sale, the director now directly owns 67,675 shares of the company’s stock, valued at approximately $854,735.25. This represents a 25.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP grew its holdings in Great Lakes Dredge & Dock by 68.5% during the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock valued at $27,000 after buying an additional 1,259 shares in the last quarter. nVerses Capital LLC boosted its position in shares of Great Lakes Dredge & Dock by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 3,500 shares of the construction company’s stock valued at $37,000 after acquiring an additional 2,800 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Great Lakes Dredge & Dock during the 3rd quarter valued at approximately $147,000. Intech Investment Management LLC bought a new position in shares of Great Lakes Dredge & Dock during the 3rd quarter valued at approximately $157,000. Finally, Quantbot Technologies LP boosted its position in shares of Great Lakes Dredge & Dock by 204.5% during the 3rd quarter. Quantbot Technologies LP now owns 14,973 shares of the construction company’s stock valued at $158,000 after acquiring an additional 10,055 shares during the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.