Great Lakes Dredge & Dock (NASDAQ:GLDD) Raised to “Strong-Buy” at Zacks Research

Great Lakes Dredge & Dock (NASDAQ:GLDD) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Great Lakes Dredge & Dock presently has a consensus rating of “Buy”.

Great Lakes Dredge & Dock Trading Up 1.3%

GLDD opened at $12.70 on Monday. The firm has a market cap of $863.59 million, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 0.94 and a beta of 1.40. Great Lakes Dredge & Dock has a 52 week low of $7.51 and a 52 week high of $12.93. The business’s 50 day moving average is $11.75 and its two-hundred day moving average is $11.44. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 0.87.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.09. The business had revenue of $195.21 million during the quarter, compared to the consensus estimate of $201.30 million. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%. On average, research analysts predict that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Hedge funds have recently modified their holdings of the stock. MAI Capital Management grew its position in Great Lakes Dredge & Dock by 79.2% in the 3rd quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock valued at $26,000 after buying an additional 955 shares during the last quarter. Strs Ohio purchased a new position in Great Lakes Dredge & Dock during the 1st quarter worth $45,000. State of Alaska Department of Revenue acquired a new stake in shares of Great Lakes Dredge & Dock in the 3rd quarter worth $46,000. Quarry LP boosted its holdings in shares of Great Lakes Dredge & Dock by 213.7% in the first quarter. Quarry LP now owns 5,503 shares of the construction company’s stock valued at $48,000 after acquiring an additional 3,749 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of Great Lakes Dredge & Dock by 43.5% during the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock worth $61,000 after acquiring an additional 1,505 shares during the period. 89.11% of the stock is owned by institutional investors and hedge funds.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.