Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Short Interest Update

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,730,000 shares, a growth of 71.3% from the May 31st total of 1,010,000 shares. Based on an average daily trading volume, of 393,200 shares, the short-interest ratio is currently 4.4 days. Approximately 2.7% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Thursday, June 20th.

Great Lakes Dredge & Dock Stock Down 1.2 %

NASDAQ:GLDD traded down $0.11 during mid-day trading on Friday, reaching $8.78. The stock had a trading volume of 945,777 shares, compared to its average volume of 383,968. The business’s 50 day moving average is $8.66 and its 200 day moving average is $8.30. Great Lakes Dredge & Dock has a fifty-two week low of $6.11 and a fifty-two week high of $9.78. The stock has a market cap of $588.35 million, a P/E ratio of 15.40, a PEG ratio of 0.35 and a beta of 1.14. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.25 and a quick ratio of 1.06.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Tuesday, May 7th. The construction company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.06 by $0.25. Great Lakes Dredge & Dock had a return on equity of 8.83% and a net margin of 6.05%. The company had revenue of $198.66 million for the quarter, compared to the consensus estimate of $176.45 million. As a group, sell-side analysts predict that Great Lakes Dredge & Dock will post 0.72 earnings per share for the current year.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its holdings in Great Lakes Dredge & Dock by 1.4% during the first quarter. Jennison Associates LLC now owns 4,359,725 shares of the construction company’s stock valued at $38,148,000 after purchasing an additional 60,307 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of 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 period. Vanguard Group Inc. boosted its position in shares of Great Lakes Dredge & Dock by 1.4% in the first quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock valued at $29,870,000 after acquiring an additional 48,760 shares during the period. Private Management Group Inc. boosted its position in shares of Great Lakes Dredge & Dock by 18.0% in the fourth quarter. Private Management Group Inc. now owns 1,223,133 shares of the construction company’s stock valued at $9,394,000 after acquiring an additional 186,653 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of 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 acquiring an additional 40,679 shares during the period. Institutional investors and hedge funds own 89.11% of the company’s stock.

About Great Lakes Dredge & Dock

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.