Great Lakes Dredge & Dock (NASDAQ:GLDD) Sets New 52-Week High - Here's Why

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $12.42 and last traded at $12.32, with a volume of 41982 shares traded. The stock had previously closed at $11.61.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GLDD shares. Noble Financial raised their target price on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an "outperform" rating in a research report on Monday, September 23rd. StockNews.com downgraded shares of Great Lakes Dredge & Dock from a "buy" rating to a "hold" rating in a research note on Thursday, August 15th.

Great Lakes Dredge & Dock Trading Up 7.3 %

The company's fifty day moving average price is $10.81 and its two-hundred day moving average price is $9.50. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.98. The company has a market cap of $837.19 million, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 0.42 and a beta of 1.13.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The construction company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.05). The business had revenue of $191.17 million during the quarter, compared to the consensus estimate of $180.80 million. Great Lakes Dredge & Dock had a net margin of 6.61% and a return on equity of 10.05%. During the same quarter in the previous year, the firm posted ($0.09) EPS. Research analysts expect that Great Lakes Dredge & Dock Co. will post 0.8 earnings per share for the current year.

Insiders Place Their Bets

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 28,709 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $9.24, for a total value of $265,271.16. Following the completion of the transaction, the chief executive officer now directly owns 902,392 shares of the company's stock, valued at approximately $8,338,102.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 128,990 shares of company stock valued at $1,174,747 in the last 90 days. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Institutional investors and hedge funds have recently made changes to their positions in the company. Algert Global LLC acquired a new stake in Great Lakes Dredge & Dock in the second quarter worth about $2,192,000. Sanctuary Advisors LLC acquired a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter worth approximately $2,057,000. Marshall Wace LLP bought a new stake in shares of Great Lakes Dredge & Dock during the second quarter worth approximately $1,823,000. Bfsg LLC raised its stake in shares of Great Lakes Dredge & Dock by 1,465.4% during the third quarter. Bfsg LLC now owns 185,035 shares of the construction company's stock worth $1,948,000 after buying an additional 173,215 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Great Lakes Dredge & Dock by 379.3% in the second quarter. AQR Capital Management LLC now owns 208,218 shares of the construction company's stock valued at $1,828,000 after buying an additional 164,780 shares during the period. Institutional investors own 89.11% of the company's stock.

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.