Brokerages Set Great Lakes Dredge & Dock Co. (GLDD) Price Target at $7.50

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) has earned a consensus rating of “Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $7.50.

A number of analysts have commented on the stock. BidaskClub raised shares of Great Lakes Dredge & Dock from a “sell” rating to a “hold” rating in a report on Thursday. ValuEngine raised shares of Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 19th. Zacks Investment Research raised shares of Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Monday, October 1st. Noble Financial reaffirmed a “buy” rating and set a $8.00 target price on shares of Great Lakes Dredge & Dock in a report on Wednesday, July 18th. Finally, TheStreet raised shares of Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th.

GLDD stock traded up $0.08 during midday trading on Thursday, reaching $5.96. 131,449 shares of the company’s stock traded hands, compared to its average volume of 117,286. Great Lakes Dredge & Dock has a 52-week low of $4.15 and a 52-week high of $6.39. The company has a quick ratio of 1.54, a current ratio of 1.79 and a debt-to-equity ratio of 1.86.

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson bought 50,000 shares of Great Lakes Dredge & Dock stock in a transaction on Tuesday, August 14th. The stock was acquired 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 in the company, valued at $3,580,727.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.24% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Putnam Investments LLC increased its stake in shares of Great Lakes Dredge & Dock by 4.1% in the second quarter. Putnam Investments LLC now owns 337,571 shares of the construction company’s stock worth $1,772,000 after purchasing an additional 13,200 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Great Lakes Dredge & Dock by 12.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 312,890 shares of the construction company’s stock worth $1,643,000 after purchasing an additional 34,120 shares in the last quarter. HighPoint Advisor Group LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the second quarter worth $216,000. TCW Group Inc. increased its stake in shares of Great Lakes Dredge & Dock by 45.3% in the third quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock worth $5,010,000 after purchasing an additional 251,752 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Great Lakes Dredge & Dock by 5.5% in the second quarter. BlackRock Inc. now owns 3,950,370 shares of the construction company’s stock worth $20,739,000 after purchasing an additional 205,172 shares in the last quarter. 72.17% of the stock is owned by hedge funds and other 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.

Further Reading: How to Invest in the Dividend Aristocrat Index

Receive News & Ratings for Great Lakes Dredge & Dock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Great Lakes Dredge & Dock and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply