Great Lakes Dredge & Dock (GLDD) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a sell rating to a hold rating in a research note published on Thursday morning.

Other research analysts have also recently issued reports about the company. Noble Financial set a $8.00 price objective on Great Lakes Dredge & Dock and gave the company a buy rating in a research report on Thursday, August 2nd. TheStreet raised Great Lakes Dredge & Dock from a d+ rating to a c- rating in a research report on Monday, September 10th. Zacks Investment Research cut Great Lakes Dredge & Dock from a hold rating to a sell rating in a research report on Tuesday, August 7th. Finally, ValuEngine raised Great Lakes Dredge & Dock from a buy rating to a strong-buy rating in a research report on Thursday, July 19th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $7.50.

Shares of GLDD stock traded up $0.08 during trading hours on Thursday, reaching $5.96. 131,449 shares of the company traded hands, compared to its average volume of 117,286. Great Lakes Dredge & Dock has a 12-month low of $4.15 and a 12-month 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 the firm’s stock in a transaction that occurred on Tuesday, August 14th. The shares were bought at an average price of $5.30 per share, with a total value of $265,000.00. Following the purchase, the chief executive officer now owns 675,609 shares of the company’s stock, valued at $3,580,727.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 8.24% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. TCW Group Inc. raised its stake in Great Lakes Dredge & Dock by 45.3% during the 3rd quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after purchasing an additional 251,752 shares during the period. Hodges Capital Management Inc. bought a new stake in Great Lakes Dredge & Dock during the 3rd quarter valued at approximately $429,000. Russell Investments Group Ltd. raised its stake in Great Lakes Dredge & Dock by 0.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 3,675,275 shares of the construction company’s stock valued at $22,783,000 after purchasing an additional 17,159 shares during the period. Essex Investment Management Co. LLC raised its stake in Great Lakes Dredge & Dock by 419.7% during the 3rd quarter. Essex Investment Management Co. LLC now owns 325,593 shares of the construction company’s stock valued at $2,019,000 after purchasing an additional 262,946 shares during the period. Finally, HighPoint Advisor Group LLC bought a new stake in Great Lakes Dredge & Dock during the 2nd quarter valued at approximately $216,000. 72.17% of the stock is currently owned by institutional investors.

About Great Lakes Dredge & Dock

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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