GABELLI & Co INVESTMENT ADVISERS INC. Purchases New Stake in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• GABELLI & Co INVESTMENT ADVISERS INC. opened a new position in Great Lakes Dredge & Dock during the first quarter, buying 253,695 shares worth about $4.31 million. The stake represented roughly 0.38% of the company.
• Institutional ownership remains heavy, with hedge funds and asset managers holding 89.11% of the stock. Several firms, including JPMorgan, Vanguard, and Sanctuary Advisors, also recently added to their positions.
• Great Lakes Dredge & Dock shares opened at $17.00, near their 52-week high of $17.02, and the stock carries a Hold consensus rating with a $17.00 price target. Wall Street Zen recently upgraded the stock to strong-buy.

GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 253,695 shares of the construction company's stock, valued at approximately $4,313,000. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.38% of Great Lakes Dredge & Dock at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Great Lakes Dredge & Dock by 12.6% during the third quarter. JPMorgan Chase & Co. now owns 888,739 shares of the construction company's stock worth $10,656,000 after acquiring an additional 99,463 shares in the last quarter. Nwam LLC bought a new position in Great Lakes Dredge & Dock in the 4th quarter valued at about $2,853,000. Simcoe Capital LLC acquired a new position in Great Lakes Dredge & Dock during the 4th quarter valued at about $4,955,000. Vanguard Group Inc. boosted its stake in Great Lakes Dredge & Dock by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 3,987,334 shares of the construction company's stock valued at $52,314,000 after purchasing an additional 108,033 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in Great Lakes Dredge & Dock by 40.2% during the 4th quarter. Sanctuary Advisors LLC now owns 328,554 shares of the construction company's stock worth $4,311,000 after purchasing an additional 94,162 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company's stock.

Great Lakes Dredge & Dock Price Performance

GLDD opened at $17.00 on Friday. Great Lakes Dredge & Dock Corporation has a 1 year low of $8.80 and a 1 year high of $17.02. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.01 and a quick ratio of 0.88. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 1.26 and a beta of 1.38. The firm's fifty day moving average price is $15.47 and its two-hundred day moving average price is $16.02.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Great Lakes Dredge & Dock to a "strong-buy" rating in a research note on Saturday, April 4th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Great Lakes Dredge & Dock has a consensus rating of "Hold" and a consensus price target of $17.00.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation NASDAQ: GLDD is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.

Want to see what other hedge funds are holding GLDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.