Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Short Interest Down 46.5% in March

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totaling 1,572,087 shares, a decline of 46.5% from the March 15th total of 2,936,995 shares. Approximately 2.4% of the shares of the company are short sold. Based on an average daily trading volume, of 1,922,817 shares, the days-to-cover ratio is presently 0.8 days.

Great Lakes Dredge & Dock Stock Performance

Shares of NASDAQ GLDD remained flat at $17.00 during trading on Monday. The business’s 50-day simple moving average is $16.74 and its 200 day simple moving average is $14.19. Great Lakes Dredge & Dock has a 1 year low of $7.51 and a 1 year high of $17.02. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.10. Great Lakes Dredge & Dock had a net margin of 8.27% and a return on equity of 16.46%. The business had revenue of $256.45 million for the quarter, compared to analyst estimates of $216.30 million. Analysts predict that Great Lakes Dredge & Dock will post 0.69 EPS for the current fiscal year.

Institutional Trading of Great Lakes Dredge & Dock

Institutional investors have recently modified their holdings of the stock. Financial Management Professionals Inc. acquired a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $25,000. MAI Capital Management boosted its position in Great Lakes Dredge & Dock by 79.2% during the third quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after acquiring an additional 955 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Great Lakes Dredge & Dock by 231.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after acquiring an additional 1,474 shares during the last quarter. Strs Ohio acquired a new position in Great Lakes Dredge & Dock during the first quarter worth about $45,000. Finally, State of Alaska Department of Revenue acquired a new position in Great Lakes Dredge & Dock during the third quarter worth about $46,000. Institutional investors and hedge funds own 89.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Zacks Research raised Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. JPMorgan Chase & Co. lowered Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 price objective on the stock. in a report on Thursday, March 26th. Texas Capital lowered Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Wall Street Zen raised Great Lakes Dredge & Dock to a “strong-buy” rating in a report on Saturday, April 4th. Finally, CJS Securities reissued a “market perform” rating on shares of Great Lakes Dredge & Dock in a report on Wednesday, March 11th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.00.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.