OMERS ADMINISTRATION Corp Invests $14.69 Million in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• OMERS ADMINISTRATION Corp opened a new position in Great Lakes Dredge & Dock, buying 864,000 shares worth about $14.69 million in the first quarter and owning roughly 1.29% of the company.
• Institutional ownership remains very high, with 89.11% of GLDD shares held by hedge funds and other institutional investors. Several other firms also increased their stakes during recent quarters.
• On the ratings side, Wall Street Zen upgraded GLDD to a strong-buy, but the overall analyst consensus is still Hold with an average price target of $17.00.

OMERS ADMINISTRATION Corp purchased a new position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 864,000 shares of the construction company's stock, valued at approximately $14,688,000. OMERS ADMINISTRATION Corp owned approximately 1.29% of Great Lakes Dredge & Dock at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GLDD. Parallel Advisors LLC raised its holdings in Great Lakes Dredge & Dock by 39.0% in the first quarter. Parallel Advisors LLC now owns 2,304 shares of the construction company's stock worth $39,000 after buying an additional 647 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Great Lakes Dredge & Dock by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 12,168 shares of the construction company's stock valued at $160,000 after buying an additional 786 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Great Lakes Dredge & Dock by 231.4% during 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. Raymond James Financial Inc. increased its position in shares of Great Lakes Dredge & Dock by 0.8% during the third quarter. Raymond James Financial Inc. now owns 188,570 shares of the construction company's stock valued at $2,261,000 after acquiring an additional 1,476 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Great Lakes Dredge & Dock by 43.5% in the 2nd quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company's stock worth $61,000 after acquiring an additional 1,505 shares during the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ:GLDD opened at $17.00 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.01. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.38. The business has a 50-day simple moving average of $15.47 and a two-hundred day simple moving average of $16.02. Great Lakes Dredge & Dock Corporation has a fifty-two week low of $8.80 and a fifty-two week high of $17.02.

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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