Great Lakes Dredge & Dock (GLDD) Cut to Sell at Zacks Investment Research

Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, August 7th.

According to Zacks, “GREAT LAKES DREDGE & DOCK CORPORATION is the largest provider of dredging services in the US conducting business to maintain and deepen shipping channels, reclaim land from the ocean, and renourish storm damaged coastline. The company also conducts around 25% of its operations internationally with a strong focus in the Middle East. Projects can generally be recognized to fall within a number of categories, namely, Maintenance projects to keep shipping channels and harbors at their required depths, Capital works to excavate, deepen or widen navigable waterways, Beach restoration for storm damaged coastline and Reclamation works to restore wetlands or create new land in the ocean. “

A number of other research firms have also commented on GLDD. BidaskClub upgraded Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. ValuEngine upgraded Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 19th. Finally, Noble Financial restated a “buy” rating and set a $8.00 price target on shares of Great Lakes Dredge & Dock in a research note on Wednesday, July 18th. Two analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $8.00.

NASDAQ GLDD traded up $0.12 during trading on Tuesday, hitting $5.47. 89,900 shares of the company traded hands, compared to its average volume of 165,239. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.79 and a quick ratio of 1.54. The firm has a market cap of $347.35 million, a P/E ratio of -20.19 and a beta of 0.79. Great Lakes Dredge & Dock has a 12 month low of $3.83 and a 12 month high of $5.85.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Wednesday, August 1st. The construction company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $150.59 million for the quarter, compared to analyst estimates of $182.50 million. Great Lakes Dredge & Dock had a negative return on equity of 8.35% and a negative net margin of 3.69%. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.07) earnings per share. equities analysts expect that Great Lakes Dredge & Dock will post 0.01 EPS for the current year.

In related news, CEO Lasse Petterson acquired 50,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were bought at an average cost of $5.30 per share, with a total value of $265,000.00. Following the completion of the acquisition, the chief executive officer now owns 675,609 shares of the company’s stock, valued at $3,580,727.70. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.24% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLDD. Wells Fargo & Company MN boosted its holdings in shares of Great Lakes Dredge & Dock by 33.0% in the 4th quarter. Wells Fargo & Company MN now owns 89,404 shares of the construction company’s stock worth $484,000 after acquiring an additional 22,169 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Great Lakes Dredge & Dock by 0.6% in the 4th quarter. BlackRock Inc. now owns 3,772,579 shares of the construction company’s stock worth $20,370,000 after acquiring an additional 23,367 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter worth approximately $417,000. Deutsche Bank AG boosted its holdings in shares of Great Lakes Dredge & Dock by 143.1% in the 4th quarter. Deutsche Bank AG now owns 128,667 shares of the construction company’s stock worth $693,000 after acquiring an additional 75,749 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Great Lakes Dredge & Dock by 10.3% in the 1st quarter. Victory Capital Management Inc. now owns 224,800 shares of the construction company’s stock worth $1,034,000 after acquiring an additional 21,000 shares in the last quarter. 75.35% of the stock is currently owned by institutional investors.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved 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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