Great Lakes Dredge & Dock (NASDAQ:GLDD) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research has upgraded Great Lakes Dredge & Dock (NASDAQ:GLDD) to a "strong-buy" rating, indicating strong confidence in the company's future performance.
• In a related move, Wall Street Zen has also upgraded Great Lakes Dredge & Dock from a "hold" to a "buy" rating.
• Great Lakes Dredge & Dock reported $0.14 EPS for its latest quarter, exceeding analysts' expectations and highlighting its positive financial trajectory.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) was upgraded by equities research analysts at Zacks Research to a "strong-buy" rating in a research note issued on Tuesday, August 12th,Zacks.com reports.

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. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and an average price target of $14.00.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock traded down $0.0850 on Tuesday, hitting $11.2850. The stock had a trading volume of 100,347 shares, compared to its average volume of 490,617. The stock has a market cap of $767.38 million, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 0.95 and a beta of 1.35. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 0.87. Great Lakes Dredge & Dock has a twelve month low of $7.51 and a twelve month high of $12.89. The business's 50 day moving average is $11.50 and its two-hundred day moving average is $10.28.

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 (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.06. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%.The business had revenue of $193.76 million during the quarter, compared to the consensus estimate of $177.70 million. Analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Insider Buying and Selling at Great Lakes Dredge & Dock

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

Institutional Trading of Great Lakes Dredge & Dock

Institutional investors and hedge funds have recently modified their holdings of the business. Castlekeep Investment Advisors LLC acquired a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $62,958,000. Jennison Associates LLC boosted its stake in shares of Great Lakes Dredge & Dock by 22.7% in the 1st quarter. Jennison Associates LLC now owns 5,310,894 shares of the construction company's stock valued at $46,205,000 after purchasing an additional 981,652 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Great Lakes Dredge & Dock by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,443,586 shares of the construction company's stock valued at $50,168,000 after purchasing an additional 22,370 shares during the last quarter. Vanguard Group Inc. increased its position in Great Lakes Dredge & Dock by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 3,907,174 shares of the construction company's stock worth $33,992,000 after purchasing an additional 29,586 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Great Lakes Dredge & Dock by 10.7% during the 2nd quarter. American Century Companies Inc. now owns 2,180,909 shares of the construction company's stock worth $26,585,000 after purchasing an additional 210,134 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors.

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.