Great Lakes Dredge & Dock Co. Forecasted to Post Q2 2024 Earnings of $0.04 Per Share (NASDAQ:GLDD)

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) - Noble Financial decreased their Q2 2024 earnings estimates for shares of Great Lakes Dredge & Dock in a research note issued to investors on Thursday, May 9th. Noble Financial analyst J. Gomes now forecasts that the construction company will post earnings of $0.04 per share for the quarter, down from their prior forecast of $0.10. The consensus estimate for Great Lakes Dredge & Dock's current full-year earnings is $0.57 per share. Noble Financial also issued estimates for Great Lakes Dredge & Dock's Q3 2024 earnings at $0.19 EPS and Q4 2024 earnings at $0.21 EPS.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.16. Great Lakes Dredge & Dock had a net margin of 2.36% and a return on equity of 2.56%. The firm had revenue of $181.73 million during the quarter, compared to analysts' expectations of $190.05 million.

Other research analysts have also recently issued research reports about the stock. StockNews.com raised shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a report on Thursday. TheStreet upgraded Great Lakes Dredge & Dock from a "d+" rating to a "c-" rating in a research report on Tuesday, February 20th.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock traded down $0.11 during midday trading on Friday, hitting $9.07. The company had a trading volume of 299,961 shares, compared to its average volume of 386,223. The company has a quick ratio of 1.07, a current ratio of 1.26 and a debt-to-equity ratio of 1.07. Great Lakes Dredge & Dock has a 12-month low of $5.94 and a 12-month high of $9.78. The stock has a market cap of $605.30 million, a price-to-earnings ratio of 43.33, a PEG ratio of 1.21 and a beta of 1.00. The company has a fifty day simple moving average of $8.17 and a 200 day simple moving average of $7.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GLDD. Jennison Associates LLC grew its holdings in Great Lakes Dredge & Dock by 1.4% during the 1st quarter. Jennison Associates LLC now owns 4,359,725 shares of the construction company's stock worth $38,148,000 after acquiring an additional 60,307 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Great Lakes Dredge & Dock by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,356,468 shares of the construction company's stock valued at $33,458,000 after acquiring an additional 192,053 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Great Lakes Dredge & Dock by 1.4% during the first quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company's stock worth $29,870,000 after purchasing an additional 48,760 shares during the last quarter. Private Management Group Inc. boosted its position in shares of Great Lakes Dredge & Dock by 18.0% in the 4th quarter. Private Management Group Inc. now owns 1,223,133 shares of the construction company's stock valued at $9,394,000 after purchasing an additional 186,653 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Great Lakes Dredge & Dock by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,090,783 shares of the construction company's stock valued at $8,377,000 after buying an additional 40,679 shares during the last quarter. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.