Alliancebernstein L.P. Has $23.36 Million Stock Holdings in Great Lakes Dredge & Dock Corporation $GLDD

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.

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

Other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. raised its position in shares of Great Lakes Dredge & Dock by 19.6% in the 1st quarter. Victory Capital Management Inc. now owns 116,000 shares of the construction company's stock valued at $1,009,000 after acquiring an additional 19,000 shares during the period. GAMMA Investing LLC lifted its stake in Great Lakes Dredge & Dock by 800.5% in the first quarter. GAMMA Investing LLC now owns 16,965 shares of the construction company's stock valued at $148,000 after buying an additional 15,081 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Great Lakes Dredge & Dock by 14.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,724 shares of the construction company's stock valued at $2,752,000 after buying an additional 30,394 shares in the last quarter. Minerva Advisors LLC lifted its stake in Great Lakes Dredge & Dock by 3.6% in the first quarter. Minerva Advisors LLC now owns 1,389,807 shares of the construction company's stock valued at $12,091,000 after buying an additional 48,000 shares in the last quarter. Finally, Mirabaud & Cie SA bought a new position in Great Lakes Dredge & Dock in the first quarter valued at approximately $209,000. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock opened at $11.98 on Thursday. The company's fifty day simple moving average is $11.45 and its 200-day simple moving average is $10.41. 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 cap of $814.64 million, a PE ratio of 11.41, a P/E/G ratio of 0.97 and a beta of 1.34. Great Lakes Dredge & Dock Corporation has a 12 month low of $7.51 and a 12 month high of $12.89.

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 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.06. The business had revenue of $193.76 million for the quarter, compared to analyst estimates of $177.70 million. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. Equities research analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. 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 raised shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Strong Buy" and an average price target of $14.00.

About Great Lakes Dredge & Dock

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.

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