Great Lakes Dredge & Dock (GLDD) Sees Large Volume Increase on Earnings Beat

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) shares saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 22,728 shares traded hands during trading, a decline of 81% from the previous session’s volume of 116,558 shares.The stock last traded at $7.04 and had previously closed at $6.73.

The construction company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.15. The firm had revenue of $204.32 million during the quarter, compared to the consensus estimate of $199.25 million. Great Lakes Dredge & Dock had a negative return on equity of 0.74% and a negative net margin of 1.07%. The firm’s quarterly revenue was up 25.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) earnings per share.

A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating and set a $7.75 price target for the company in a report on Wednesday. ValuEngine raised Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. BidaskClub downgraded Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. TheStreet raised Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th. Finally, Noble Financial set a $8.00 price target on Great Lakes Dredge & Dock and gave the company a “buy” rating in a report on Thursday, September 27th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $7.88.

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson purchased 50,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was purchased at an average cost of $5.30 per share, with a total value of $265,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 675,609 shares of the company’s stock, valued at approximately $3,580,727.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.24% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of Great Lakes Dredge & Dock by 129.5% in the third quarter. JPMorgan Chase & Co. now owns 26,596 shares of the construction company’s stock valued at $165,000 after acquiring an additional 15,005 shares during the period. TCW Group Inc. boosted its holdings in shares of Great Lakes Dredge & Dock by 45.3% in the third quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after acquiring an additional 251,752 shares during the period. Hodges Capital Management Inc. acquired a new stake in shares of Great Lakes Dredge & Dock in the third quarter valued at approximately $429,000. Russell Investments Group Ltd. boosted its holdings in shares of Great Lakes Dredge & Dock by 0.5% in the third quarter. Russell Investments Group Ltd. now owns 3,675,275 shares of the construction company’s stock valued at $22,783,000 after acquiring an additional 17,159 shares during the period. Finally, Essex Investment Management Co. LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 419.7% in the third quarter. Essex Investment Management Co. LLC now owns 325,593 shares of the construction company’s stock valued at $2,019,000 after acquiring an additional 262,946 shares during the period. 72.30% of the stock is owned by institutional investors and hedge funds.

The firm has a market cap of $419.32 million, a price-to-earnings ratio of -26.89 and a beta of 0.62. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.79 and a quick ratio of 1.54.

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Great Lakes Dredge & Dock Company Profile (NASDAQ:GLDD)

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment 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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