Allspring Global Investments Holdings LLC Makes New Investment in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Allspring Global Investments Holdings LLC has acquired 248,026 shares in Great Lakes Dredge & Dock Corporation, valued at approximately $2,932,000, indicating a growing interest from institutional investors in the company.
• Recent research reports have resulted in changes to the stock's ratings, with Zacks Research lowering its rating from "strong-buy" to "hold."
• Great Lakes Dredge & Dock reported $0.14 earnings per share for the last quarter, exceeding expectations of $0.08, indicating a positive financial performance.

Allspring Global Investments Holdings LLC acquired a new position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 248,026 shares of the construction company's stock, valued at approximately $2,932,000. Allspring Global Investments Holdings LLC owned approximately 0.37% of Great Lakes Dredge & Dock as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in GLDD. GAMMA Investing LLC grew its position 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 worth $148,000 after purchasing an additional 15,081 shares in the last quarter. Acuitas Investments LLC boosted its stake in Great Lakes Dredge & Dock by 17.4% in the first quarter. Acuitas Investments LLC now owns 423,234 shares of the construction company's stock valued at $3,682,000 after acquiring an additional 62,653 shares during the last quarter. Castlekeep Investment Advisors LLC boosted its stake in Great Lakes Dredge & Dock by 1.5% in the first quarter. Castlekeep Investment Advisors LLC now owns 496,412 shares of the construction company's stock valued at $4,319,000 after acquiring an additional 7,383 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Great Lakes Dredge & Dock by 19.6% in the first 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 last quarter. Finally, Bailard Inc. purchased a new position in Great Lakes Dredge & Dock in the first quarter valued at about $267,000. 89.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GLDD has been the topic of a number of recent research reports. Weiss Ratings restated a "hold (c+)" rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, October 8th. Zacks Research lowered shares of Great Lakes Dredge & Dock from a "strong-buy" rating to a "hold" rating in a report on Friday, October 10th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold".

Great Lakes Dredge & Dock Price Performance

GLDD stock opened at $11.27 on Wednesday. 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 Corporation has a 52 week low of $7.51 and a 52 week high of $12.89. The firm's fifty day moving average is $11.73 and its 200 day moving average is $11.08. The firm has a market cap of $766.36 million, a P/E ratio of 10.73, a P/E/G ratio of 0.90 and a beta of 1.37.

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

Great Lakes Dredge & Dock 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.

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