Zacks Investment Research Downgrades Great Lakes Dredge & Dock (NASDAQ:GLDD) to Hold

Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

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 brokerages also recently commented on GLDD. Noble Financial restated a “buy” rating and issued a $12.10 price objective on shares of Great Lakes Dredge & Dock in a research report on Thursday, June 20th. BidaskClub upgraded shares of Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $12.05.

Shares of NASDAQ:GLDD opened at $11.14 on Thursday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.13 and a current ratio of 1.27. The firm has a market capitalization of $679.94 million, a P/E ratio of 30.94 and a beta of 0.62. Great Lakes Dredge & Dock has a 52 week low of $5.15 and a 52 week high of $11.81. The firm has a 50-day moving average price of $10.94.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Wednesday, July 31st. The construction company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.06. The firm had revenue of $184.81 million during the quarter, compared to the consensus estimate of $181.65 million. Great Lakes Dredge & Dock had a net margin of 3.90% and a return on equity of 23.27%. The firm’s revenue was up 36.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. As a group, analysts predict that Great Lakes Dredge & Dock will post 0.72 earnings per share for the current fiscal year.

In other news, insider David E. Simonelli sold 10,000 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $10.80, for a total transaction of $108,000.00. Following the completion of the sale, the insider now directly owns 328,239 shares in the company, valued at approximately $3,544,981.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ryan Levenson sold 177,447 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $11.05, for a total transaction of $1,960,789.35. Following the sale, the director now owns 35,816 shares of the company’s stock, valued at $395,766.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 993,623 shares of company stock valued at $10,859,052. Insiders own 4.66% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Nkcfo LLC purchased a new position in shares of Great Lakes Dredge & Dock during the 2nd quarter worth approximately $52,000. New York State Teachers Retirement System purchased a new position in shares of Great Lakes Dredge & Dock during the 1st quarter worth approximately $45,000. Meeder Asset Management Inc. purchased a new position in shares of Great Lakes Dredge & Dock during the 1st quarter worth approximately $56,000. Quantamental Technologies LLC grew its stake in Great Lakes Dredge & Dock by 45.6% in the 1st quarter. Quantamental Technologies LLC now owns 7,573 shares of the construction company’s stock worth $67,000 after acquiring an additional 2,373 shares during the period. Finally, Legal & General Group Plc grew its stake in Great Lakes Dredge & Dock by 18.2% in the 4th quarter. Legal & General Group Plc now owns 10,782 shares of the construction company’s stock worth $71,000 after acquiring an additional 1,658 shares during the period. Institutional investors own 82.73% of the company’s stock.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company 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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