Graham Capital Management L.P. Boosts Stock Holdings 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. increased its holdings in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 84.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 87,148 shares of the construction company's stock after acquiring an additional 40,005 shares during the quarter. 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 & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Byrne Asset Management LLC bought a new position in Great Lakes Dredge & Dock in the 1st quarter worth $40,000. Quarry LP increased its position in shares of Great Lakes Dredge & Dock by 213.7% during the first quarter. Quarry LP now owns 5,503 shares of the construction company's stock valued at $48,000 after buying an additional 3,749 shares during the period. AlphaQuest LLC raised its stake in Great Lakes Dredge & Dock by 330.4% in the first quarter. AlphaQuest LLC now owns 12,598 shares of the construction company's stock worth $110,000 after buying an additional 9,671 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Great Lakes Dredge & Dock in the fourth quarter worth about $118,000. Finally, XTX Topco Ltd purchased a new stake in Great Lakes Dredge & Dock in the first quarter worth about $130,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Zacks Research upgraded Great Lakes Dredge & Dock to a "strong-buy" rating in a report on Tuesday, August 12th. Wall Street Zen upgraded Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research 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. Based on data from MarketBeat.com, the stock has an average rating of "Strong Buy" and a consensus target price of $14.00.

Great Lakes Dredge & Dock Stock Up 0.5%

NASDAQ:GLDD traded up $0.06 during mid-day trading on Friday, hitting $11.73. 275,315 shares of the company's stock were exchanged, compared to its average volume of 370,056. The company has a market cap of $797.64 million, a PE ratio of 11.17, a P/E/G ratio of 0.96 and a beta of 1.34. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.15 and a quick ratio of 1.02. Great Lakes Dredge & Dock Corporation has a one year low of $7.51 and a one year high of $12.89. The business has a fifty day moving average price of $11.46 and a 200 day moving average price of $10.37.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released 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. The firm had revenue of $193.76 million during the quarter, compared to analyst estimates of $177.70 million. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. Equities analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 EPS 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.