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

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 Zacks Research to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

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

Great Lakes Dredge & Dock Stock Performance

NASDAQ GLDD opened at $11.37 on Tuesday. The company has a market cap of $773.16 million, a P/E ratio of 10.83, a P/E/G ratio of 0.96 and a beta of 1.35. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.15 and a quick ratio of 1.02. The stock has a 50-day moving average of $11.51 and a two-hundred day moving average of $10.27. Great Lakes Dredge & Dock has a 1-year low of $7.51 and a 1-year high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The construction company reported $0.14 EPS for the quarter, topping analysts' consensus estimates 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. As a group, analysts anticipate that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Insiders Place Their Bets

In related news, Director Ronald Steger sold 5,000 shares of the business's stock in a transaction that occurred 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 owned 20,404 shares in the company, valued at $236,482.36. The trade was 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 through the SEC website. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its stake in Great Lakes Dredge & Dock by 19.6% during the first quarter. Victory Capital Management Inc. now owns 116,000 shares of the construction company's stock worth $1,009,000 after purchasing an additional 19,000 shares during the last quarter. GAMMA Investing LLC grew its holdings in Great Lakes Dredge & Dock by 800.5% in the first quarter. GAMMA Investing LLC now owns 16,965 shares of the construction company's stock valued at $148,000 after purchasing an additional 15,081 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Great Lakes Dredge & Dock by 14.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,724 shares of the construction company's stock valued at $2,752,000 after purchasing an additional 30,394 shares during the last quarter. Minerva Advisors LLC grew its holdings in Great Lakes Dredge & Dock by 3.6% in the first quarter. Minerva Advisors LLC now owns 1,389,807 shares of the construction company's stock valued at $12,091,000 after purchasing an additional 48,000 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at $2,322,000. 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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