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Alliancebernstein L.P. Trims Stock Position in Great Lakes Dredge & Dock Corporation $GLDD

Great Lakes Dredge & Dock logo with Construction background

Key Points

  • Alliancebernstein L.P. reduced its holdings in Great Lakes Dredge & Dock Corporation by 6.3%, now owning approximately 2.7 million shares valued at $23.36 million.
  • Other hedge funds such as Victory Capital Management Inc. and GAMMA Investing LLC have increased their positions in the company, indicating strong interest from institutional investors, who collectively own 89.11% of the stock.
  • Great Lakes Dredge & Dock reported better-than-expected quarterly earnings, with an EPS of $0.14, surpassing analysts' estimates, and now has a consensus rating of "Strong Buy" from analysts, with an average price target of $14.00.
  • Interested in Great Lakes Dredge & Dock? Here are five stocks we like better.

Alliancebernstein L.P. lowered its position in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 6.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,685,229 shares of the construction company's stock after selling 180,894 shares during the quarter. Alliancebernstein L.P. owned approximately 3.95% of Great Lakes Dredge & Dock worth $23,361,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GLDD. Byrne Asset Management LLC purchased a new position in Great Lakes Dredge & Dock during the first quarter worth approximately $40,000. Quarry LP boosted its position in shares of Great Lakes Dredge & Dock by 213.7% during the 1st 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 during the last quarter. AlphaQuest LLC grew its holdings in shares of Great Lakes Dredge & Dock by 330.4% in the first quarter. AlphaQuest LLC now owns 12,598 shares of the construction company's stock valued at $110,000 after purchasing an additional 9,671 shares during the period. Lazard Asset Management LLC acquired a new stake in Great Lakes Dredge & Dock during the fourth quarter worth about $118,000. Finally, XTX Topco Ltd purchased a new stake in shares of Great Lakes Dredge & Dock in the 1st quarter valued at $130,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GLDD. Zacks Research upgraded 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 analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Buy" and an average price target of $14.00.

View Our Latest Analysis on GLDD

Great Lakes Dredge & Dock Stock Down 0.7%

Shares of NASDAQ:GLDD traded down $0.09 during trading hours on Tuesday, reaching $12.14. The stock had a trading volume of 350,830 shares, compared to its average volume of 323,301. Great Lakes Dredge & Dock Corporation has a 1 year low of $7.51 and a 1 year high of $12.89. The firm's 50 day moving average is $11.48 and its 200-day moving average is $10.53. The stock has a market capitalization of $825.52 million, a price-to-earnings ratio of 11.56, a P/E/G ratio of 1.00 and a beta of 1.34. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.15.

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

Great Lakes Dredge & Dock Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Great Lakes Dredge & Dock (NASDAQ:GLDD)

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