Great Lakes Dredge & Dock Corporation $GLDD Position Lessened by Algert Global LLC

Key Points

• Algert Global LLC reduced its stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 32.6%, holding 171,339 shares after selling 83,007 shares in the first quarter.
• Several institutional investors, including Thompson Davis & CO. Inc. and American Century Companies Inc., have increased their holdings in Great Lakes Dredge & Dock, highlighting strong interest from the investment community.
• Analysts have raised their ratings for Great Lakes Dredge & Dock to "buy" and "strong-buy," with a consensus target price of $14.00.

Algert Global LLC trimmed its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 32.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 171,339 shares of the construction company's stock after selling 83,007 shares during the period. Algert Global LLC owned approximately 0.25% of Great Lakes Dredge & Dock worth $1,491,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Byrne Asset Management LLC bought a new stake in shares of Great Lakes Dredge & Dock in the 1st quarter worth $40,000. Lazard Asset Management LLC acquired a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $118,000. XTX Topco Ltd bought a new stake in Great Lakes Dredge & Dock in the first quarter worth about $130,000. Walleye Capital LLC bought a new stake in Great Lakes Dredge & Dock in the fourth quarter worth about $137,000. Finally, GAMMA Investing LLC lifted its holdings in Great Lakes Dredge & Dock by 800.5% in the 1st quarter. GAMMA Investing LLC now owns 16,965 shares of the construction company's stock valued at $148,000 after acquiring an additional 15,081 shares during the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GLDD. Zacks Research raised shares of Great Lakes Dredge & Dock to a "strong-buy" rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a report on Monday, May 19th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to data from MarketBeat.com, Great Lakes Dredge & Dock presently has a consensus rating of "Strong Buy" and a consensus target price of $14.00.

Great Lakes Dredge & Dock Stock Up 1.1%

Shares of Great Lakes Dredge & Dock stock traded up $0.14 during midday trading on Thursday, hitting $12.02. The company's stock had a trading volume of 105,496 shares, compared to its average volume of 483,719. Great Lakes Dredge & Dock Corporation has a 1-year low of $7.51 and a 1-year high of $12.89. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $817.02 million, a P/E ratio of 11.43, a PEG ratio of 0.98 and a beta of 1.35. The stock has a 50-day simple moving average of $11.51 and a 200-day simple moving average of $10.31.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The construction company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.06. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%.The firm had revenue of $193.76 million during the quarter, compared to the consensus estimate of $177.70 million. As a group, sell-side analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current year.

Insider Activity

In other news, Director Ronald Steger sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total value of $57,950.00. Following the completion of the sale, the director directly owned 20,404 shares of the company's stock, valued at $236,482.36. This represents a 19.68% 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. 2.20% of the stock is owned by company insiders.

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.