ValuEngine Downgrades Great Lakes Dredge & Dock (NASDAQ:GLDD) to Hold

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Great Lakes Dredge & Dock (NASDAQ:GLDD) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, ValuEngine reports.

Several other research firms also recently commented on GLDD. Noble Financial set a $14.00 price objective on Great Lakes Dredge & Dock and gave the company a “buy” rating in a research note on Wednesday, August 21st. Zacks Investment Research upgraded Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research note on Friday, August 2nd. Finally, BidaskClub upgraded Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a research note on Wednesday, August 28th.

Great Lakes Dredge & Dock stock traded up $0.31 during trading on Tuesday, hitting $10.15. The stock had a trading volume of 24,798 shares, compared to its average volume of 542,489. Great Lakes Dredge & Dock has a 1 year low of $5.37 and a 1 year high of $11.81. The company has a quick ratio of 1.18, a current ratio of 1.31 and a debt-to-equity ratio of 1.50. The stock’s 50 day moving average is $10.54 and its two-hundred day moving average is $10.17. The stock has a market cap of $628.05 million, a price-to-earnings ratio of 28.06 and a beta of 0.60.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Wednesday, July 31st. The construction company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.12 by $0.06. Great Lakes Dredge & Dock had a return on equity of 22.64% and a net margin of 3.90%. The business had revenue of $184.81 million for the quarter, compared to the consensus estimate of $181.65 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. Great Lakes Dredge & Dock’s revenue for the quarter was up 36.6% on a year-over-year basis. As a group, equities research analysts anticipate that Great Lakes Dredge & Dock will post 0.74 EPS for the current fiscal year.

In other Great Lakes Dredge & Dock news, insider David E. Simonelli sold 4,059 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $10.40, for a total transaction of $42,213.60. Following the sale, the insider now owns 322,298 shares in the company, valued at $3,351,899.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David E. Simonelli sold 3,809 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $10.90, for a total value of $41,518.10. Following the sale, the insider now owns 322,048 shares in the company, valued at approximately $3,510,323.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,937 shares of company stock worth $318,385. Company insiders own 4.66% of the company’s stock.

Large investors have recently bought and sold shares of the business. Nordea Investment Management AB purchased a new stake in shares of Great Lakes Dredge & Dock in the first quarter worth $3,263,000. SG Americas Securities LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the first quarter worth $126,000. WINTON GROUP Ltd purchased a new stake in shares of Great Lakes Dredge & Dock in the second quarter worth $908,000. Boston Advisors LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the second quarter worth $1,109,000. Finally, Aperio Group LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the second quarter worth $187,000. Hedge funds and other institutional investors own 85.76% of the company’s stock.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company 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.

Further Reading: Cost of Debt

To view ValuEngine’s full report, visit ValuEngine’s official website.

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