Short Interest in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Drops By 15.4%

19 Nov 2024, 04:42 by Tristan Rich · The Markets Daily

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD – Get Free Report) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 670,400 shares, a decline of 15.4% from the October 15th total of 792,100 shares. Based on an average daily trading volume, of 486,700 shares, the short-interest ratio is presently 1.4 days. Approximately 1.0% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

GLDD has been the subject of several research reports. StockNews.com lowered shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Thursday, August 15th. Noble Financial upped their target price on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, September 23rd.

View Our Latest Stock Analysis on Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Stock Performance

GLDD stock traded up $0.12 during mid-day trading on Monday, reaching $12.06. The company had a trading volume of 322,001 shares, compared to its average volume of 428,368. The stock’s 50-day simple moving average is $11.26 and its two-hundred day simple moving average is $9.80. The stock has a market capitalization of $811.28 million, a P/E ratio of 13.72, a P/E/G ratio of 0.45 and a beta of 1.13. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97. Great Lakes Dredge & Dock has a one year low of $6.40 and a one year high of $12.83.

Great Lakes Dredge & Dock (NASDAQ:GLDD – Get Free Report) last posted its earnings results on Tuesday, November 5th. The construction company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). The firm had revenue of $191.17 million for the quarter, compared to analyst estimates of $180.80 million. Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. During the same period in the previous year, the firm earned ($0.09) earnings per share. Research analysts anticipate that Great Lakes Dredge & Dock will post 0.76 EPS for the current year.

Insider Buying and Selling

In other news, CEO Lasse Petterson sold 28,709 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $9.24, for a total value of $265,271.16. Following the completion of the sale, the chief executive officer now directly owns 902,392 shares in the company, valued at approximately $8,338,102.08. The trade was a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathleen M. Shanahan sold 23,238 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $12.63, for a total value of $293,495.94. Following the transaction, the director now owns 67,675 shares in the company, valued at $854,735.25. This trade represents a 25.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 98,457 shares of company stock worth $981,078. Insiders own 2.20% of the company’s stock.

Institutional Trading of Great Lakes Dredge & Dock

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Great Lakes Dredge & Dock by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,561,897 shares of the construction company’s stock valued at $16,450,000 after purchasing an additional 22,166 shares during the period. Barclays PLC increased its stake in Great Lakes Dredge & Dock by 338.9% during the 3rd quarter. Barclays PLC now owns 106,642 shares of the construction company’s stock valued at $1,123,000 after buying an additional 82,344 shares during the period. State Street Corp raised its position in shares of Great Lakes Dredge & Dock by 0.9% during the 3rd quarter. State Street Corp now owns 1,540,516 shares of the construction company’s stock worth $16,222,000 after buying an additional 13,010 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Great Lakes Dredge & Dock in the 3rd quarter worth approximately $147,000. Finally, Harvey Partners LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 9.8% in the third quarter. Harvey Partners LLC now owns 3,647,500 shares of the construction company’s stock valued at $38,408,000 after acquiring an additional 325,500 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Company Profile

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