Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Sees Significant Decline in Short Interest

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 878,000 shares, a decrease of 10.4% from the August 31st total of 979,700 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 495,900 shares, the short-interest ratio is currently 1.8 days.

Analyst Ratings Changes

Several research analysts have recently commented on GLDD shares. StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th. Noble Financial raised their target price on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd.

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 46,510 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $9.08, for a total transaction of $422,310.80. Following the completion of the sale, the chief executive officer now directly owns 931,101 shares of the company’s stock, valued at $8,454,397.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 128,990 shares of company stock worth $1,174,747 in the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in Great Lakes Dredge & Dock during the second quarter valued at $2,057,000. Quarry LP grew its holdings in Great Lakes Dredge & Dock by 68.5% during the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock valued at $27,000 after buying an additional 1,259 shares in the last quarter. Creative Planning increased its stake in Great Lakes Dredge & Dock by 8.2% in the 2nd quarter. Creative Planning now owns 38,688 shares of the construction company’s stock worth $340,000 after acquiring an additional 2,919 shares during the last quarter. Algert Global LLC bought a new position in shares of Great Lakes Dredge & Dock during the 2nd quarter valued at approximately $2,192,000. Finally, AQR Capital Management LLC grew its holdings in shares of Great Lakes Dredge & Dock by 379.3% in the second quarter. AQR Capital Management LLC now owns 208,218 shares of the construction company’s stock valued at $1,828,000 after purchasing an additional 164,780 shares in the last quarter. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Price Performance

GLDD stock traded up $0.19 during trading on Tuesday, reaching $10.72. The company’s stock had a trading volume of 439,606 shares, compared to its average volume of 430,328. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.98. The company’s fifty day moving average is $9.47 and its 200-day moving average is $8.89. The company has a market capitalization of $718.34 million, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 0.38 and a beta of 1.15. Great Lakes Dredge & Dock has a 1 year low of $6.11 and a 1 year high of $10.93.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $165.00 million. During the same quarter last year, the business posted $0.03 earnings per share. On average, research analysts expect that Great Lakes Dredge & Dock will post 0.8 earnings per share for the current fiscal year.

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.