Cubist Systematic Strategies LLC Lowers Stock Holdings in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Great Lakes Dredge & Dock by 47.5%, now owning approximately 97,648 shares valued at $850,000.
• Multiple hedge funds have increased their positions, with Jennison Associates LLC raising its holdings by 22.7% in the first quarter.
• Despite the reduction by Cubist, analysts have upgraded the stock's rating to "strong buy" with an average price target of $14.00.

Cubist Systematic Strategies LLC reduced its holdings in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 47.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,648 shares of the construction company's stock after selling 88,259 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.14% of Great Lakes Dredge & Dock worth $850,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GLDD. Price T Rowe Associates Inc. MD lifted its holdings in shares of Great Lakes Dredge & Dock by 24.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,401 shares of the construction company's stock valued at $299,000 after buying an additional 5,155 shares during the period. Northern Trust Corp lifted its holdings in shares of Great Lakes Dredge & Dock by 8.6% in the 4th quarter. Northern Trust Corp now owns 664,091 shares of the construction company's stock valued at $7,498,000 after buying an additional 52,644 shares during the period. BNP Paribas Financial Markets raised its holdings in Great Lakes Dredge & Dock by 53.7% during the fourth quarter. BNP Paribas Financial Markets now owns 441,386 shares of the construction company's stock worth $4,983,000 after purchasing an additional 154,138 shares during the last quarter. Bank of America Corp DE raised its holdings in Great Lakes Dredge & Dock by 39.7% during the fourth quarter. Bank of America Corp DE now owns 161,186 shares of the construction company's stock worth $1,820,000 after purchasing an additional 45,810 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in Great Lakes Dredge & Dock by 101.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 88,415 shares of the construction company's stock worth $998,000 after purchasing an additional 44,609 shares during the last quarter. 89.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GLDD has been the subject of several research reports. Zacks Research raised Great Lakes Dredge & Dock to a "strong-buy" rating in a report on Tuesday, August 12th. Wall Street Zen raised Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a report on Monday, May 19th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus price target of $14.00.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ GLDD traded down $0.19 during trading on Friday, reaching $12.08. The company had a trading volume of 310,326 shares, compared to its average volume of 335,723. Great Lakes Dredge & Dock Corporation has a twelve month low of $7.51 and a twelve month high of $12.89. The stock has a market capitalization of $821.44 million, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.01 and a beta of 1.34. The stock has a 50-day moving average price of $11.46 and a two-hundred day moving average price of $10.47. The company has a current ratio of 1.15, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The construction company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $193.76 million during the quarter, compared to analysts' expectations of $177.70 million. As a group, sell-side analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current year.

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.