Great Lakes Dredge & Dock (GLDD) Posts Quarterly Earnings Results

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Great Lakes Dredge & Dock (NASDAQ:GLDD) posted its earnings results on Tuesday. The construction company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.15, MarketWatch Earnings reports. The firm had revenue of $204.32 million for the quarter, compared to the consensus estimate of $199.25 million. Great Lakes Dredge & Dock had a negative return on equity of 8.35% and a negative net margin of 3.69%. The business’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.08) earnings per share.

Shares of GLDD stock traded up $0.27 on Wednesday, reaching $7.00. The company’s stock had a trading volume of 17,958 shares, compared to its average volume of 116,558. The company has a debt-to-equity ratio of 1.86, a quick ratio of 1.54 and a current ratio of 1.79. Great Lakes Dredge & Dock has a 12-month low of $4.15 and a 12-month high of $6.97. The company has a market capitalization of $371.34 million, a PE ratio of -26.04 and a beta of 0.62.

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson acquired 50,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were bought at an average price of $5.30 per share, for a total transaction of $265,000.00. Following the completion of the transaction, the chief executive officer now owns 675,609 shares of the company’s stock, valued at approximately $3,580,727.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 9.13% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLDD. Northern Trust Corp increased its stake in Great Lakes Dredge & Dock by 1.7% in the first quarter. Northern Trust Corp now owns 681,150 shares of the construction company’s stock valued at $3,133,000 after acquiring an additional 11,074 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in Great Lakes Dredge & Dock in the second quarter valued at $329,000. Foundry Partners LLC increased its stake in Great Lakes Dredge & Dock by 23.1% in the second quarter. Foundry Partners LLC now owns 685,950 shares of the construction company’s stock valued at $3,601,000 after acquiring an additional 128,575 shares during the last quarter. Picton Mahoney Asset Management increased its stake in Great Lakes Dredge & Dock by 8.8% in the second quarter. Picton Mahoney Asset Management now owns 175,000 shares of the construction company’s stock valued at $919,000 after acquiring an additional 14,211 shares during the last quarter. Finally, TCW Group Inc. increased its stake in Great Lakes Dredge & Dock by 25.8% in the second quarter. TCW Group Inc. now owns 556,243 shares of the construction company’s stock valued at $2,920,000 after acquiring an additional 114,100 shares during the last quarter. 72.30% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have issued reports on the company. ValuEngine upgraded Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. BidaskClub downgraded Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. TheStreet upgraded Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research report on Monday, September 10th. Noble Financial set a $8.00 target price on Great Lakes Dredge & Dock and gave the stock a “buy” rating in a research report on Thursday, September 27th. Finally, Zacks Investment Research upgraded Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Monday, October 1st. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Great Lakes Dredge & Dock has a consensus rating of “Buy” and a consensus target price of $7.50.

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Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved 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.

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Earnings History for Great Lakes Dredge & Dock (NASDAQ:GLDD)

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