Seven Six Capital Management LLC Purchases 61,700 Shares of Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Seven Six Capital Management LLC increased its stake in Great Lakes Dredge & Dock Corporation by 18.6% during the first quarter, holding approximately 393,299 shares valued at $3,422,000.
• Several other institutional investors have also boosted their positions in GLDD, with notable increases including CenterBook Partners LP, which raised its stake by 169.2% and now holds 1,121,974 shares valued at $9,761,000.
• Research analysts have recently upgraded the stock’s rating, with Wall Street Zen raising it from a "hold" to a "buy" and Zacks Research giving it a "strong-buy" rating, setting a consensus price target of $14.00.

Seven Six Capital Management LLC boosted its stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 393,299 shares of the construction company's stock after purchasing an additional 61,700 shares during the quarter. Great Lakes Dredge & Dock comprises approximately 3.1% of Seven Six Capital Management LLC's holdings, making the stock its 17th largest holding. Seven Six Capital Management LLC owned 0.58% of Great Lakes Dredge & Dock worth $3,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of GLDD. Jennison Associates LLC lifted its stake in Great Lakes Dredge & Dock by 22.7% in the 1st quarter. Jennison Associates LLC now owns 5,310,894 shares of the construction company's stock worth $46,205,000 after purchasing an additional 981,652 shares in the last quarter. CenterBook Partners LP lifted its stake in Great Lakes Dredge & Dock by 169.2% in the 1st quarter. CenterBook Partners LP now owns 1,121,974 shares of the construction company's stock worth $9,761,000 after purchasing an additional 705,159 shares in the last quarter. Millennium Management LLC lifted its stake in Great Lakes Dredge & Dock by 254.3% in the 4th quarter. Millennium Management LLC now owns 698,071 shares of the construction company's stock worth $7,881,000 after purchasing an additional 501,032 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new stake in Great Lakes Dredge & Dock in the 4th quarter worth $5,521,000. Finally, Nuveen LLC purchased a new stake in Great Lakes Dredge & Dock in the 1st quarter worth $3,960,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Wall Street Analysts Forecast Growth

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

Great Lakes Dredge & Dock Price Performance

Shares of Great Lakes Dredge & Dock stock traded down $0.04 during trading hours on Friday, reaching $12.23. The company's stock had a trading volume of 92,489 shares, compared to its average volume of 476,523. The firm has a 50 day moving average price of $11.46 and a 200-day moving average price of $10.44. Great Lakes Dredge & Dock Corporation has a one year low of $7.51 and a one year high of $12.89. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.15 and a quick ratio of 1.02. The stock has a market cap of $831.64 million, a P/E ratio of 11.65, a P/E/G ratio of 0.98 and a beta of 1.34.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last posted its 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 net margin of 8.63% and a return on equity of 15.61%. The firm had revenue of $193.76 million for the quarter, compared to the consensus estimate of $177.70 million. On average, 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.