Great Lakes Dredge & Dock (NASDAQ:GLDD) Downgraded to Sell at BidaskClub

BidaskClub cut shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, BidAskClub reports.

GLDD has been the topic of a number of other research reports. Noble Financial reaffirmed a buy rating and issued a $13.80 target price on shares of Great Lakes Dredge & Dock in a research note on Sunday, October 6th. ValuEngine raised Great Lakes Dredge & Dock from a sell rating to a hold rating in a research note on Friday, November 1st. Finally, Zacks Investment Research lowered Great Lakes Dredge & Dock from a buy rating to a hold rating and set a $12.00 target price on the stock. in a research note on Thursday, October 31st.

GLDD stock traded down $0.18 during trading on Friday, hitting $9.49. The company had a trading volume of 519,100 shares, compared to its average volume of 521,305. Great Lakes Dredge & Dock has a 1-year low of $6.09 and a 1-year high of $11.81. The company has a quick ratio of 1.18, a current ratio of 1.31 and a debt-to-equity ratio of 1.50. The firm has a 50-day moving average price of $10.42 and a 200-day moving average price of $10.59. The firm has a market cap of $638.90 million, a PE ratio of 26.36 and a beta of 0.51.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, November 5th. The construction company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. Great Lakes Dredge & Dock had a return on equity of 21.15% and a net margin of 3.56%. The firm had revenue of $169.80 million for the quarter, compared to analyst estimates of $178.50 million. During the same quarter in the prior year, the company earned $0.18 EPS. Great Lakes Dredge & Dock’s revenue was down 5.0% on a year-over-year basis. Sell-side analysts anticipate that Great Lakes Dredge & Dock will post 0.74 earnings per share for the current year.

In other Great Lakes Dredge & Dock news, Director Ryan Levenson sold 21,905 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $10.14, for a total transaction of $222,116.70. Following the transaction, the director now owns 35,816 shares of the company’s stock, valued at approximately $363,174.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David E. Simonelli sold 3,809 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $10.90, for a total value of $41,518.10. Following the transaction, the insider now directly owns 322,048 shares in the company, valued at approximately $3,510,323.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,261 shares of company stock worth $313,384. Corporate insiders own 4.66% of the company’s stock.

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in shares of Great Lakes Dredge & Dock by 218.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,536,984 shares of the construction company’s stock worth $16,661,000 after buying an additional 1,053,659 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter worth $11,047,000. Renaissance Technologies LLC increased its holdings in shares of Great Lakes Dredge & Dock by 93.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,302,200 shares of the construction company’s stock worth $14,376,000 after buying an additional 629,700 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Great Lakes Dredge & Dock by 150.9% during the 2nd quarter. Acadian Asset Management LLC now owns 667,701 shares of the construction company’s stock worth $7,371,000 after buying an additional 401,580 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its holdings in shares of Great Lakes Dredge & Dock by 959.1% during the 2nd quarter. Panagora Asset Management Inc. now owns 353,230 shares of the construction company’s stock worth $3,900,000 after buying an additional 319,877 shares during the last quarter. 87.05% 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. 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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