Cubist Systematic Strategies LLC Sells 88,259 Shares of 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 lessened its stake in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 47.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 97,648 shares of the construction company's stock after selling 88,259 shares during the period. Cubist Systematic Strategies LLC owned about 0.14% of Great Lakes Dredge & Dock worth $850,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Byrne Asset Management LLC bought a new stake in Great Lakes Dredge & Dock during the first quarter worth about $40,000. Quarry LP raised its holdings in Great Lakes Dredge & Dock by 213.7% during the first quarter. Quarry LP now owns 5,503 shares of the construction company's stock worth $48,000 after acquiring an additional 3,749 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Great Lakes Dredge & Dock during the fourth quarter worth about $118,000. AlphaQuest LLC raised its holdings in Great Lakes Dredge & Dock by 330.4% during the first quarter. AlphaQuest LLC now owns 12,598 shares of the construction company's stock worth $110,000 after acquiring an additional 9,671 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Great Lakes Dredge & Dock during the first quarter worth about $130,000. Institutional investors own 89.11% of the company's stock.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock traded up $0.15 on Monday, hitting $12.23. The stock had a trading volume of 451,296 shares, compared to its average volume of 318,246. Great Lakes Dredge & Dock Corporation has a twelve month low of $7.51 and a twelve month high of $12.89. The business's 50 day moving average is $11.47 and its two-hundred day moving average is $10.52. 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 stock has a market cap of $831.64 million, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 0.99 and a beta of 1.34.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The construction company reported $0.14 earnings per share (EPS) 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 return on equity of 15.61% and a net margin of 8.63%. Analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen raised Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research report on Monday, May 19th. Zacks Research upgraded Great Lakes Dredge & Dock to a "strong-buy" rating in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat.com, Great Lakes Dredge & Dock currently has a consensus rating of "Strong Buy" and a consensus target price of $14.00.

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.