Sequoia Financial Advisors LLC Acquires New Stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Sequoia Financial Advisors LLC acquired a new stake in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 102,489 shares of the construction company’s stock, valued at approximately $1,079,000.

Other hedge funds also recently bought and sold shares of the company. Quarry LP increased its position in Great Lakes Dredge & Dock by 68.5% in the second quarter. Quarry LP now owns 3,097 shares of the construction company’s stock worth $27,000 after buying an additional 1,259 shares in the last quarter. Innealta Capital LLC purchased a new stake in Great Lakes Dredge & Dock in the second quarter worth about $30,000. nVerses Capital LLC increased its position in Great Lakes Dredge & Dock by 400.0% in the third quarter. nVerses Capital LLC now owns 3,500 shares of the construction company’s stock worth $37,000 after buying an additional 2,800 shares in the last quarter. CWM LLC increased its position in Great Lakes Dredge & Dock by 520.5% in the second quarter. CWM LLC now owns 5,051 shares of the construction company’s stock worth $44,000 after buying an additional 4,237 shares in the last quarter. Finally, ARS Investment Partners LLC increased its position in Great Lakes Dredge & Dock by 11.0% in the second quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock worth $107,000 after buying an additional 1,200 shares in the last quarter. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Insider Activity

In other news, CEO Lasse Petterson sold 53,771 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 987,758 shares of the company’s stock, valued at $8,949,087.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 128,990 shares of company stock worth $1,174,747. 2.20% of the stock is currently owned by company insiders.

Great Lakes Dredge & Dock Price Performance

NASDAQ:GLDD opened at $11.71 on Friday. The firm has a market capitalization of $784.68 million, a price-to-earnings ratio of 20.54, a PEG ratio of 0.41 and a beta of 1.15. Great Lakes Dredge & Dock Co. has a 1 year low of $6.11 and a 1 year high of $12.31. The business has a 50 day simple moving average of $10.49 and a 200-day simple moving average of $9.30. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.32 and a quick ratio of 1.13.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.08. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. The firm had revenue of $170.09 million for the quarter, compared to the consensus estimate of $165.00 million. During the same period in the prior year, the business posted $0.03 earnings per share. Equities analysts forecast that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current year.

Analyst Ratings Changes

A number of analysts have commented on the company. Noble Financial upped their price target on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research 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 Profile

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.