Thompson Davis & CO. Inc. Raises Position in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Thompson Davis & CO. Inc. significantly increased its stake in Great Lakes Dredge & Dock Corporation by 149.0% during Q1, now holding 54,650 shares valued at approximately $475,000.
• Several institutional investors, including American Century Companies Inc. and Fox Run Management L.L.C., also raised their positions in the company, indicating strong institutional interest with 89.11% of the stock owned by institutional investors.
• Great Lakes Dredge & Dock recently reported earnings per share of $0.14 for the last quarter, exceeding analyst expectations, while analysts forecast an EPS of 0.69 for the current fiscal year.

Thompson Davis & CO. Inc. boosted its holdings in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 149.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 54,650 shares of the construction company's stock after buying an additional 32,700 shares during the quarter. Thompson Davis & CO. Inc. owned 0.08% of Great Lakes Dredge & Dock worth $475,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC purchased a new position in Great Lakes Dredge & Dock in the fourth quarter valued at $62,958,000. Jennison Associates LLC boosted its position in Great Lakes Dredge & Dock by 22.7% during the first quarter. Jennison Associates LLC now owns 5,310,894 shares of the construction company's stock worth $46,205,000 after acquiring an additional 981,652 shares during the last quarter. CenterBook Partners LP boosted its holdings 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 valued at $9,761,000 after purchasing an additional 705,159 shares during the last quarter. Millennium Management LLC boosted its holdings 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 valued at $7,881,000 after purchasing an additional 501,032 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Great Lakes Dredge & Dock in the 1st quarter valued at about $3,960,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GLDD shares. Wall Street Zen upgraded shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a report 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 investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Strong Buy" and a consensus price target of $14.00.

Great Lakes Dredge & Dock Stock Performance

Great Lakes Dredge & Dock stock traded down $0.09 during midday trading on Wednesday, hitting $11.28. 91,747 shares of the company's stock were exchanged, compared to its average volume of 490,547. Great Lakes Dredge & Dock Corporation has a 12-month low of $7.51 and a 12-month high of $12.89. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.15. The stock has a market cap of $767.04 million, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.95 and a beta of 1.35. The firm's 50 day simple moving average is $11.50 and its 200 day simple moving average is $10.28.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The construction company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $193.76 million for the quarter, compared to the consensus estimate of $177.70 million. Equities research analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, Director Ronald Steger sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the transaction, the director directly owned 20,404 shares of the company's stock, valued at approximately $236,482.36. This trade represents a 19.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.00% of the company's stock.

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.