Great Lakes Dredge & Dock (NASDAQ:GLDD) Share Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Great Lakes Dredge & Dock's stock has recently surpassed its 200-day moving average, indicating a potential positive momentum in its trading performance.
• The company has a current market cap of $749.98 million and a price-to-earnings ratio of 10.50, suggesting it may present good value for investors.
• Recent analyst activity shows a mix of ratings, with Weiss Ratings maintaining a "hold" and Zacks Research downgrading to a "hold," reflecting cautious sentiment among analysts.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Get Free Report) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $11.08 and traded as high as $11.13. Great Lakes Dredge & Dock shares last traded at $11.03, with a volume of 288,982 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GLDD. Weiss Ratings restated a "hold (c+)" rating on shares of Great Lakes Dredge & Dock in a research note on Wednesday, October 8th. Zacks Research downgraded Great Lakes Dredge & Dock from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 10th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of "Hold".

Great Lakes Dredge & Dock Stock Up 2.3%

The company has a market cap of $749.98 million, a price-to-earnings ratio of 10.50, a PEG ratio of 0.88 and a beta of 1.37. The company has a current ratio of 1.15, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The business has a fifty day moving average of $11.73 and a two-hundred day moving average of $11.08.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its quarterly 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. The company had revenue of $193.76 million during the quarter, compared to analysts' expectations of $177.70 million. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%. As a group, equities analysts anticipate that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of hedge funds have recently made changes to their positions in the company. Jennison Associates LLC raised its holdings in shares of 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 valued at $46,205,000 after acquiring an additional 981,652 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Great Lakes Dredge & Dock by 0.8% in the first quarter. Vanguard Group Inc. now owns 3,907,174 shares of the construction company's stock valued at $33,992,000 after purchasing an additional 29,586 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Great Lakes Dredge & Dock by 10.7% in the second quarter. American Century Companies Inc. now owns 2,180,909 shares of the construction company's stock valued at $26,585,000 after purchasing an additional 210,134 shares during the last quarter. TCW Group Inc. increased its holdings in shares of Great Lakes Dredge & Dock by 4.0% in the first quarter. TCW Group Inc. now owns 2,153,534 shares of the construction company's stock valued at $18,736,000 after purchasing an additional 82,700 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Great Lakes Dredge & Dock by 3.2% in the second quarter. Geode Capital Management LLC now owns 1,656,547 shares of the construction company's stock valued at $20,195,000 after purchasing an additional 51,269 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.