Jennison Associates LLC Reduces Holdings in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Jennison Associates reduced its stake in Great Lakes Dredge & Dock by 10.9% in Q4 to 3,806,504 shares, representing a 5.60% ownership stake valued at about $49.9 million.
• Great Lakes Dredge & Dock topped expectations for the quarter, reporting $0.30 EPS (vs. $0.20 est.) and $256.45 million in revenue (vs. $216.30 million est.), with a 16.46% ROE and an 8.27% net margin.
• The stock trades around $17.00 with a market cap of ~$1.14 billion, a consensus analyst rating of Hold and an average price target of $17.00, while institutional investors own about 89.11% of the shares.

Jennison Associates LLC reduced its stake in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 10.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,806,504 shares of the construction company's stock after selling 467,764 shares during the period. Jennison Associates LLC owned 5.60% of Great Lakes Dredge & Dock worth $49,941,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLDD. Financial Management Professionals Inc. purchased a new position in Great Lakes Dredge & Dock during the fourth quarter worth $25,000. MAI Capital Management lifted its position in shares of Great Lakes Dredge & Dock by 79.2% in the third quarter. MAI Capital Management now owns 2,161 shares of the construction company's stock valued at $26,000 after acquiring an additional 955 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Great Lakes Dredge & Dock by 231.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company's stock valued at $28,000 after acquiring an additional 1,474 shares in the last quarter. Strs Ohio acquired a new stake in shares of Great Lakes Dredge & Dock during the first quarter valued at $45,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Great Lakes Dredge & Dock during the third quarter valued at $46,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ:GLDD opened at $17.00 on Friday. The company has a market cap of $1.14 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.26 and a beta of 1.38. The business has a fifty day simple moving average of $16.97 and a 200-day simple moving average of $14.66. Great Lakes Dredge & Dock Corporation has a 52 week low of $8.80 and a 52 week high of $17.02. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its earnings results on Monday, February 23rd. The construction company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.10. The firm had revenue of $256.45 million for the quarter, compared to the consensus estimate of $216.30 million. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%. Equities research analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLDD. Zacks Research raised shares of Great Lakes Dredge & Dock from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 4th. Noble Financial cut shares of Great Lakes Dredge & Dock from an "outperform" rating to a "market perform" rating in a research note on Thursday, February 12th. Wall Street Zen upgraded shares of Great Lakes Dredge & Dock to a "strong-buy" rating in a report on Saturday, April 4th. JPMorgan Chase & Co. lowered shares of Great Lakes Dredge & Dock from a "neutral" rating to an "underweight" rating and set a $17.00 price objective for the company. in a research report on Thursday, March 26th. Finally, Weiss Ratings raised shares of Great Lakes Dredge & Dock from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Great Lakes Dredge & Dock presently has a consensus rating of "Hold" and an average 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.

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