Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• Great Lakes Dredge & Dock shares gapped up to $11.42 after reporting quarterly earnings of $0.14 per share, exceeding expectations of $0.08.
• Wall Street analysts upgraded the company's rating from "hold" to "buy," indicating positive sentiment in the market.
• Insider trading was noted as Director Ronald Steger sold 5,000 shares at $11.59, leading to a 19.68% decrease in his position in the company.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Get Free Report) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $10.63, but opened at $11.42. Great Lakes Dredge & Dock shares last traded at $11.37, with a volume of 59,207 shares changing hands.

The construction company reported $0.14 earnings per share for the quarter, beating 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 15.72%.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research report on Monday, May 19th.

Insider Buying and Selling

In other Great Lakes Dredge & Dock news, Director Ronald Steger sold 5,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total value of $57,950.00. Following the transaction, the director directly owned 20,404 shares of the company's stock, valued at $236,482.36. This trade represents a 19.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several hedge funds have recently bought and sold shares of GLDD. Canton Hathaway LLC grew its holdings in shares of Great Lakes Dredge & Dock by 10.5% during the 2nd quarter. Canton Hathaway LLC now owns 43,200 shares of the construction company's stock valued at $527,000 after purchasing an additional 4,100 shares during the last quarter. Atria Investments Inc bought a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter valued at approximately $156,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Great Lakes Dredge & Dock by 32.1% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 46,049 shares of the construction company's stock valued at $561,000 after purchasing an additional 11,186 shares during the last quarter. AlphaQuest LLC boosted its position in Great Lakes Dredge & Dock by 56.6% during the 2nd quarter. AlphaQuest LLC now owns 19,725 shares of the construction company's stock worth $240,000 after buying an additional 7,127 shares during the period. Finally, R Squared Ltd acquired a new stake in Great Lakes Dredge & Dock during the 2nd quarter worth approximately $125,000. 89.11% of the stock is owned by institutional investors.

Great Lakes Dredge & Dock Trading Up 6.1%

The firm's 50-day moving average is $11.50 and its 200 day moving average is $10.29. 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 firm has a market capitalization of $766.27 million, a price-to-earnings ratio of 11.08, a P/E/G ratio of 0.92 and a beta of 1.35.

Great Lakes Dredge & Dock Company 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.

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