Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 12-Month High – Still a Buy?

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $11.98 and last traded at $11.97, with a volume of 336165 shares trading hands. The stock had previously closed at $11.53.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Noble Financial increased their price target on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. StockNews.com cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th.

Great Lakes Dredge & Dock Stock Up 3.8 %

The stock has a market cap of $802.10 million, a price-to-earnings ratio of 20.77, a PEG ratio of 0.41 and a beta of 1.15. The business’s 50 day moving average is $9.99 and its 200-day moving average is $9.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.13 and a current ratio of 1.32.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, August 6th. The construction company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. The business had revenue of $170.09 million during the quarter, compared to analysts’ expectations of $165.00 million. Great Lakes Dredge & Dock had a net margin of 6.61% and a return on equity of 10.05%. During the same quarter in the previous year, the company earned $0.03 earnings per share. On average, sell-side analysts predict that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current fiscal year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, CEO Lasse Petterson sold 53,771 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.06, for a total value of $487,165.26. Following the sale, the chief executive officer now directly owns 987,758 shares of the company’s stock, valued at $8,949,087.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 128,990 shares of company stock valued at $1,174,747 over the last quarter. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of hedge funds have recently modified their holdings of GLDD. Quarry LP lifted its stake in Great Lakes Dredge & Dock by 68.5% in the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock worth $27,000 after purchasing an additional 1,259 shares in the last quarter. Innealta Capital LLC acquired a new position in Great Lakes Dredge & Dock during the second quarter worth $30,000. CWM LLC grew its holdings in Great Lakes Dredge & Dock by 520.5% in the 2nd quarter. CWM LLC now owns 5,051 shares of the construction company’s stock valued at $44,000 after buying an additional 4,237 shares in the last quarter. ARS Investment Partners LLC increased its stake in shares of Great Lakes Dredge & Dock by 11.0% in the 2nd quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock worth $107,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter worth $113,000. 89.11% of the stock is currently owned by institutional investors and hedge funds.

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.