Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 1-Year High – Time to Buy?

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $13.10 and last traded at $13.0190, with a volume of 106780 shares traded. The stock had previously closed at $12.87.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GLDD shares. Zacks Research raised Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, October 8th. One 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, the company currently has a consensus rating of “Buy”.

Great Lakes Dredge & Dock Price Performance

The company has a quick ratio of 1.06, a current ratio of 1.20 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average of $11.90 and a two-hundred day moving average of $11.68. The firm has a market cap of $874.47 million, a P/E ratio of 10.90, a PEG ratio of 0.99 and a beta of 1.43.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings results on Tuesday, November 4th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. Great Lakes Dredge & Dock had a net margin of 9.65% and a return on equity of 16.84%. The firm had revenue of $195.21 million for the quarter, compared to analyst estimates of $201.30 million. Sell-side analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Insiders Place Their Bets

In other news, SVP David Johanson sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $13.02, for a total value of $130,200.00. Following the completion of the sale, the senior vice president directly owned 94,063 shares of the company’s stock, valued at $1,224,700.26. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Hedge funds and other institutional investors have recently made changes to their positions in the company. Employees Retirement System of Texas bought a new position in Great Lakes Dredge & Dock during the second quarter valued at approximately $442,000. Atria Investments Inc acquired a new position in shares of Great Lakes Dredge & Dock during the 2nd quarter worth $156,000. Geode Capital Management LLC increased its stake in shares of Great Lakes Dredge & Dock by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,656,547 shares of the construction company’s stock worth $20,195,000 after purchasing an additional 51,269 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Great Lakes Dredge & Dock by 124.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 342,301 shares of the construction company’s stock valued at $4,173,000 after purchasing an additional 189,799 shares in the last quarter. Finally, AlphaQuest LLC lifted its stake in shares of Great Lakes Dredge & Dock by 56.6% in the 2nd quarter. AlphaQuest LLC now owns 19,725 shares of the construction company’s stock valued at $240,000 after purchasing an additional 7,127 shares during the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Company Profile

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.