Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Sees Significant Growth in Short Interest

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 861,800 shares, an increase of 13.2% from the November 30th total of 761,200 shares. Currently, 1.3% of the company's stock are short sold. Based on an average daily volume of 419,000 shares, the days-to-cover ratio is currently 2.1 days.

Insider Buying and Selling at Great Lakes Dredge & Dock

In related news, Director Kathleen M. Shanahan sold 23,238 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $12.63, for a total transaction of $293,495.94. Following the completion of the sale, the director now directly owns 67,675 shares in the company, valued at approximately $854,735.25. This trade represents a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.20% of the company's stock.

Institutional Trading of Great Lakes Dredge & Dock

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLDD. Quarry LP lifted its stake in shares of Great Lakes Dredge & Dock by 68.5% in the second quarter. Quarry LP now owns 3,097 shares of the construction company's stock valued at $27,000 after buying an additional 1,259 shares during the period. nVerses Capital LLC grew its holdings in shares of Great Lakes Dredge & Dock by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 3,500 shares of the construction company's stock worth $37,000 after purchasing an additional 2,800 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Great Lakes Dredge & Dock during the third quarter valued at approximately $147,000. Intech Investment Management LLC acquired a new position in shares of Great Lakes Dredge & Dock in the third quarter valued at $157,000. Finally, Quantbot Technologies LP boosted its stake in Great Lakes Dredge & Dock by 204.5% during the third quarter. Quantbot Technologies LP now owns 14,973 shares of the construction company's stock worth $158,000 after buying an additional 10,055 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company's stock.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock traded down $0.03 during trading on Wednesday, reaching $11.29. The company had a trading volume of 321,315 shares, compared to its average volume of 427,994. The firm's 50 day simple moving average is $12.05 and its two-hundred day simple moving average is $10.51. Great Lakes Dredge & Dock has a one year low of $6.55 and a one year high of $12.89. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. The company has a market capitalization of $759.50 million, a PE ratio of 12.98, a PEG ratio of 0.48 and a beta of 1.15.

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

Wall Street Analyst Weigh In

Separately, Noble Financial raised their price objective on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the company an "outperform" rating in a research report on Monday, September 23rd.

Great Lakes Dredge & Dock Company Profile

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.