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

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Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a large drop in short interest in the month of September. As of September 28th, there was short interest totalling 1,601,252 shares, a drop of 33.7% from the September 14th total of 2,416,672 shares. Based on an average daily volume of 143,440 shares, the short-interest ratio is presently 11.2 days. Approximately 2.7% of the shares of the stock are short sold.

Shares of NASDAQ:GLDD opened at $5.67 on Monday. The company has a quick ratio of 1.54, a current ratio of 1.79 and a debt-to-equity ratio of 1.86. Great Lakes Dredge & Dock has a one year low of $4.15 and a one year high of $6.39. The firm has a market capitalization of $386.29 million, a price-to-earnings ratio of -21.00 and a beta of 0.64.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Wednesday, August 1st. The construction company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. Great Lakes Dredge & Dock had a negative net margin of 3.69% and a negative return on equity of 8.35%. The firm had revenue of $150.59 million during the quarter, compared to the consensus estimate of $182.50 million. During the same period last year, the firm earned ($0.07) EPS. The business’s quarterly revenue was down 14.9% compared to the same quarter last year. On average, equities analysts expect that Great Lakes Dredge & Dock will post 0.01 earnings per share for the current fiscal year.

In other news, CEO Lasse Petterson purchased 50,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average cost of $5.30 per share, with a total value of $265,000.00. Following the acquisition, the chief executive officer now directly owns 675,609 shares in the company, valued at $3,580,727.70. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 9.13% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Northern Trust Corp lifted its holdings in shares of Great Lakes Dredge & Dock by 1.7% during the 1st quarter. Northern Trust Corp now owns 681,150 shares of the construction company’s stock worth $3,133,000 after acquiring an additional 11,074 shares during the last quarter. Putnam Investments LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 4.1% during the 2nd quarter. Putnam Investments LLC now owns 337,571 shares of the construction company’s stock worth $1,772,000 after acquiring an additional 13,200 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in shares of Great Lakes Dredge & Dock by 8.8% during the 2nd quarter. Picton Mahoney Asset Management now owns 175,000 shares of the construction company’s stock worth $919,000 after acquiring an additional 14,211 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Great Lakes Dredge & Dock by 135.6% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 26,679 shares of the construction company’s stock worth $140,000 after acquiring an additional 15,353 shares during the last quarter. Finally, Levin Capital Strategies L.P. lifted its holdings in shares of Great Lakes Dredge & Dock by 78.2% during the 1st quarter. Levin Capital Strategies L.P. now owns 37,000 shares of the construction company’s stock worth $170,000 after acquiring an additional 16,238 shares during the last quarter. 71.79% of the stock is owned by institutional investors.

Several brokerages have commented on GLDD. Zacks Investment Research downgraded shares of Great Lakes Dredge & Dock from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 4th. ValuEngine raised shares of Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. BidaskClub downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Noble Financial set a $8.00 price target on shares of Great Lakes Dredge & Dock and gave the company a “buy” rating in a report on Thursday, September 27th. Finally, TheStreet raised shares of Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a report on Monday, September 10th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $7.50.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved 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.

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