Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) have received a consensus rating of “Hold” from the four brokerages that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $6.50.

Several brokerages have recently weighed in on GLDD. ValuEngine upgraded Great Lakes Dredge & Dock Co. from a “sell” rating to a “hold” rating in a report on Friday, August 4th. BidaskClub cut Great Lakes Dredge & Dock Co. from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $6.50 price objective on shares of Great Lakes Dredge & Dock Co. in a research report on Tuesday, July 11th.

In other Great Lakes Dredge & Dock Co. news, CEO Lasse Petterson purchased 155,897 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average price of $3.74 per share, for a total transaction of $583,054.78. Following the purchase, the chief executive officer now directly owns 349,176 shares in the company, valued at $1,305,918.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders purchased 249,294 shares of company stock valued at $928,774. 8.24% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in the stock. California Public Employees Retirement System raised its position in shares of Great Lakes Dredge & Dock Co. by 0.4% in the first quarter. California Public Employees Retirement System now owns 305,100 shares of the construction company’s stock valued at $1,220,000 after buying an additional 1,300 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Great Lakes Dredge & Dock Co. by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 221,308 shares of the construction company’s stock valued at $952,000 after buying an additional 1,406 shares during the last quarter. OxFORD Asset Management LLP boosted its stake in Great Lakes Dredge & Dock Co. by 4.1% in the second quarter. OxFORD Asset Management LLP now owns 37,865 shares of the construction company’s stock valued at $163,000 after buying an additional 1,480 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in Great Lakes Dredge & Dock Co. by 4.8% in the first quarter. OppenheimerFunds Inc. now owns 39,677 shares of the construction company’s stock valued at $159,000 after buying an additional 1,807 shares during the last quarter. Finally, American International Group Inc. boosted its stake in Great Lakes Dredge & Dock Co. by 7.1% in the first quarter. American International Group Inc. now owns 36,391 shares of the construction company’s stock valued at $146,000 after buying an additional 2,414 shares during the last quarter. Hedge funds and other institutional investors own 73.10% of the company’s stock.

Great Lakes Dredge & Dock Co. (NASDAQ GLDD) opened at 3.75 on Thursday. The company’s market cap is $230.27 million. The firm has a 50-day moving average price of $4.09 and a 200 day moving average price of $4.39. Great Lakes Dredge & Dock Co. has a 52 week low of $3.05 and a 52 week high of $5.45.

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) last announced its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by $0.01. Great Lakes Dredge & Dock Co. had a negative net margin of 0.60% and a negative return on equity of 1.84%. The firm had revenue of $176.90 million for the quarter, compared to the consensus estimate of $201.70 million. During the same period in the previous year, the company posted ($0.03) earnings per share. Great Lakes Dredge & Dock Co.’s quarterly revenue was down 8.0% on a year-over-year basis. Analysts expect that Great Lakes Dredge & Dock Co. will post $0.05 EPS for the current fiscal year.

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Great Lakes Dredge & Dock Co. Company Profile

Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors.

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