Great Lakes Dredge & Dock (NASDAQ:GLDD) Reaches New 1-Year High – Time to Buy?

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

Analyst Ratings Changes

GLDD has been the topic of a number of research reports. StockNews.com cut Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th. Noble Financial boosted their target price on 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.

Great Lakes Dredge & Dock Price Performance

The firm 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 company has a debt-to-equity ratio of 0.98, a current ratio of 1.32 and a quick ratio of 1.13. The stock has a 50-day moving average price of $9.99 and a 200 day moving average price of $9.11.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. The company had revenue of $170.09 million during the quarter, compared to analysts’ expectations of $165.00 million. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. During the same quarter in the previous year, the business earned $0.03 earnings per share. As a group, equities research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Lasse Petterson sold 46,510 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $9.08, for a total value 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 approximately $8,454,397.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 128,990 shares of company stock valued at $1,174,747. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Large investors have recently modified their holdings of the stock. Jennison Associates LLC raised its position in Great Lakes Dredge & Dock by 1.4% during the 1st quarter. Jennison Associates LLC now owns 4,359,725 shares of the construction company’s stock worth $38,148,000 after buying an additional 60,307 shares during the last quarter. Vanguard Group Inc. raised its holdings in Great Lakes Dredge & Dock by 1.4% during the first quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock worth $29,870,000 after purchasing an additional 48,760 shares in the last quarter. TCW Group Inc. lifted its position in Great Lakes Dredge & Dock by 2.0% in the second quarter. TCW Group Inc. now owns 1,996,138 shares of the construction company’s stock valued at $17,526,000 after purchasing an additional 38,200 shares during the period. Private Management Group Inc. boosted its holdings in Great Lakes Dredge & Dock by 2.9% in the 2nd quarter. Private Management Group Inc. now owns 1,253,165 shares of the construction company’s stock valued at $11,003,000 after purchasing an additional 35,077 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Great Lakes Dredge & Dock by 2.6% during the 4th quarter. Wellington Management Group LLP now owns 451,626 shares of the construction company’s stock worth $3,468,000 after purchasing an additional 11,640 shares during the period. Hedge funds and other institutional investors own 89.11% of the company’s stock.

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.