Great Lakes Dredge & Dock (NASDAQ:GLDD) Posts Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Great Lakes Dredge & Dock reported earnings of $0.14 EPS, exceeding analysts' expectations of $0.08 by $0.06.
• The company's revenue for the quarter was $193.76 million, significantly higher than the anticipated $177.70 million.
• Wall Street Zen upgraded the stock from a "hold" to a "buy" rating, reflecting increased confidence in the company's performance.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) posted its earnings results on Tuesday. The construction company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.06, Zacks reports. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.72%. The company had revenue of $193.76 million for the quarter, compared to analyst estimates of $177.70 million.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock traded up $0.92 during trading on Tuesday, hitting $11.55. The company's stock had a trading volume of 517,570 shares, compared to its average volume of 493,725. The company has a market cap of $784.55 million, a PE ratio of 11.32, a P/E/G ratio of 0.92 and a beta of 1.35. The company has a current ratio of 1.33, a quick ratio of 1.20 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $11.50 and a 200-day moving average of $10.29. Great Lakes Dredge & Dock has a 52 week low of $7.51 and a 52 week high of $12.89.

Analyst Ratings Changes

Separately, 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.

Insider Activity

In other news, Director Ronald Steger sold 5,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 20,404 shares in the company, valued at $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 this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several large investors have recently modified their holdings of the stock. Strs Ohio purchased a new position in Great Lakes Dredge & Dock in the 1st quarter valued at approximately $45,000. Jacobs Levy Equity Management Inc. bought a new position in Great Lakes Dredge & Dock in the 1st quarter valued at $304,000. Royal Bank of Canada boosted its holdings in Great Lakes Dredge & Dock by 9.9% in the 1st quarter. Royal Bank of Canada now owns 35,035 shares of the construction company's stock valued at $305,000 after purchasing an additional 3,169 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Great Lakes Dredge & Dock by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,190 shares of the construction company's stock valued at $341,000 after purchasing an additional 1,653 shares during the period. Finally, Jane Street Group LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 80.0% during the 1st quarter. Jane Street Group LLC now owns 74,222 shares of the construction company's stock worth $646,000 after acquiring an additional 32,987 shares during the last quarter. Hedge funds and other institutional investors own 89.11% of the company's stock.

About Great Lakes Dredge & Dock

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.

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