Graham Capital Management L.P. Increases Position in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Graham Capital Management L.P. increased its stake in Great Lakes Dredge & Dock Corporation by 84.9%, owning approximately 0.13% of the company, valued at $758,000.
• Multiple hedge funds, including Quarry LP and AlphaQuest LLC, also significantly boosted their positions in the company, indicating strong institutional interest with 89.11% of the stock owned by institutional investors.
• Wall Street analysts have upgraded Great Lakes Dredge & Dock to a “strong buy” rating, with an average target price of $14.00, following a positive earnings report that surpassed expectations.

Graham Capital Management L.P. boosted its holdings in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 84.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,148 shares of the construction company's stock after acquiring an additional 40,005 shares during the period. Graham Capital Management L.P. owned about 0.13% of Great Lakes Dredge & Dock worth $758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in GLDD. Hsbc Holdings PLC lifted its position in shares of Great Lakes Dredge & Dock by 5.7% in the 4th quarter. Hsbc Holdings PLC now owns 39,984 shares of the construction company's stock worth $453,000 after purchasing an additional 2,150 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Great Lakes Dredge & Dock by 24.3% during the fourth 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 raised its stake in Great Lakes Dredge & Dock by 8.6% in the fourth quarter. Northern Trust Corp now owns 664,091 shares of the construction company's stock worth $7,498,000 after buying an additional 52,644 shares in the last quarter. BNP Paribas Financial Markets lifted 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 buying an additional 154,138 shares during the period. Finally, Bank of America Corp DE boosted its position in Great Lakes Dredge & Dock by 39.7% during the 4th quarter. Bank of America Corp DE now owns 161,186 shares of the construction company's stock valued at $1,820,000 after acquiring an additional 45,810 shares in the last quarter. Hedge funds and other institutional investors own 89.11% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GLDD. Zacks Research raised Great Lakes Dredge & Dock to a "strong-buy" rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Great Lakes Dredge & Dock has an average rating of "Strong Buy" and a consensus price target of $14.00.

Great Lakes Dredge & Dock Stock Up 1.6%

Shares of GLDD traded up $0.19 during midday trading on Wednesday, hitting $11.98. 304,840 shares of the company's stock traded hands, compared to its average volume of 351,862. The company has a current ratio of 1.15, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $814.64 million, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 0.97 and a beta of 1.34. Great Lakes Dredge & Dock Corporation has a 1 year low of $7.51 and a 1 year high of $12.89. The firm's fifty day moving average is $11.45 and its 200-day moving average is $10.41.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its 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. 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 for the quarter, compared to analyst estimates of $177.70 million. As a group, sell-side analysts anticipate 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.