Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Short Interest Up 20.3% in March
by Mitch Edgeman · The Markets DailyGreat Lakes Dredge & Dock Corporation (NASDAQ:GLDD – Get Free Report) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totaling 2,936,995 shares, a growth of 20.3% from the February 26th total of 2,441,466 shares. Approximately 4.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,949,113 shares, the days-to-cover ratio is presently 1.5 days.
Great Lakes Dredge & Dock Trading Up 0.2%
Shares of NASDAQ GLDD traded up $0.03 during trading on Tuesday, reaching $17.00. The company had a trading volume of 2,771,469 shares, compared to its average volume of 1,693,952. The stock has a market cap of $1.14 billion, a P/E ratio of 15.89, a PEG ratio of 1.26 and a beta of 1.38. The company’s fifty day moving average price is $16.45 and its 200-day moving average price is $13.92. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. Great Lakes Dredge & Dock has a 12 month low of $7.51 and a 12 month high of $17.02.
Great Lakes Dredge & Dock (NASDAQ:GLDD – Get Free Report) last issued its quarterly earnings data on Monday, February 23rd. The construction company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.10. The company had revenue of $256.45 million during the quarter, compared to the consensus estimate of $216.30 million. Great Lakes Dredge & Dock had a return on equity of 16.46% and a net margin of 8.27%. As a group, research analysts expect that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter worth approximately $25,000. Farther Finance Advisors LLC raised its stake in Great Lakes Dredge & Dock by 231.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company’s stock worth $28,000 after buying an additional 1,474 shares during the last quarter. MAI Capital Management raised its stake in Great Lakes Dredge & Dock by 79.2% during the third quarter. MAI Capital Management now owns 2,161 shares of the construction company’s stock worth $26,000 after buying an additional 955 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Great Lakes Dredge & Dock in the third quarter valued at $46,000. Finally, Federated Hermes Inc. lifted its holdings in Great Lakes Dredge & Dock by 43.5% in the second quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company’s stock valued at $61,000 after buying an additional 1,505 shares during the period. Institutional investors own 89.11% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. CJS Securities restated a “market perform” rating on shares of Great Lakes Dredge & Dock in a research report on Wednesday, March 11th. Wall Street Zen downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. Weiss Ratings upgraded Great Lakes Dredge & Dock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, January 21st. Zacks Research upgraded Great Lakes Dredge & Dock from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, JPMorgan Chase & Co. cut Great Lakes Dredge & Dock from a “neutral” rating to an “underweight” rating and set a $17.00 target price for the company. in a report on Thursday, March 26th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Great Lakes Dredge & Dock has a consensus rating of “Hold” and an average price target of $17.00.
View Our Latest Stock Report on GLDD
Great Lakes Dredge & Dock Company Profile
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.
In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.