Great Lakes Dredge & Dock (NASDAQ:GLDD) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Great Lakes Dredge & Dock (NASDAQ:GLDDGet Rating) from a sell rating to a hold rating in a report published on Wednesday, 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. “

Separately, StockNews.com began coverage on shares of Great Lakes Dredge & Dock in a research note on Thursday, March 31st. They set a buy rating on the stock.

Shares of NASDAQ:GLDD opened at $14.38 on Wednesday. The firm’s 50 day moving average is $14.24 and its two-hundred day moving average is $14.67. Great Lakes Dredge & Dock has a 52 week low of $13.24 and a 52 week high of $16.27. The firm has a market capitalization of $950.09 million, a P/E ratio of 18.44 and a beta of 0.71. The company has a current ratio of 2.16, a quick ratio of 1.96 and a debt-to-equity ratio of 0.77.

Great Lakes Dredge & Dock (NASDAQ:GLDDGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The construction company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). Great Lakes Dredge & Dock had a net margin of 6.96% and a return on equity of 13.34%. The firm had revenue of $194.35 million during the quarter, compared to analyst estimates of $176.00 million. During the same quarter in the previous year, the business posted $0.13 EPS. Analysts predict that Great Lakes Dredge & Dock will post 0.91 EPS for the current year.

In related news, COO David E. Simonelli sold 17,700 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $14.12, for a total transaction of $249,924.00. Following the completion of the sale, the chief operating officer now directly owns 245,866 shares in the company, valued at $3,471,627.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.22% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in Great Lakes Dredge & Dock by 21.5% in the 2nd quarter. Royal Bank of Canada now owns 4,692 shares of the construction company’s stock worth $69,000 after purchasing an additional 831 shares during the period. Teacher Retirement System of Texas boosted its stake in Great Lakes Dredge & Dock by 6.8% in the 1st quarter. Teacher Retirement System of Texas now owns 13,637 shares of the construction company’s stock worth $191,000 after purchasing an additional 874 shares during the period. Barnett & Company Inc. boosted its stake in Great Lakes Dredge & Dock by 1.4% in the 1st quarter. Barnett & Company Inc. now owns 63,450 shares of the construction company’s stock worth $890,000 after purchasing an additional 900 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Great Lakes Dredge & Dock by 41.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 3,159 shares of the construction company’s stock worth $50,000 after purchasing an additional 921 shares during the period. Finally, Voya Investment Management LLC boosted its stake in Great Lakes Dredge & Dock by 3.7% in the 3rd quarter. Voya Investment Management LLC now owns 27,402 shares of the construction company’s stock worth $413,000 after purchasing an additional 966 shares during the period. 96.18% of the stock is owned by hedge funds and other institutional investors.

About Great Lakes Dredge & Dock (Get Rating)

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