Great Lakes Dredge & Dock (NASDAQ:GLDD) Share Price Passes Above 200-Day Moving Average - Here's Why

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $10.63 and traded as high as $11.17. Great Lakes Dredge & Dock shares last traded at $11.08, with a volume of 336,408 shares changing hands.

Analyst Ratings Changes

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

Great Lakes Dredge & Dock Trading Down 2.6 %

The stock has a 50-day moving average price of $12.03 and a two-hundred day moving average price of $10.64. The stock has a market capitalization of $745.37 million, a PE ratio of 12.74, a PEG ratio of 0.48 and a beta of 1.17. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21.

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

Insiders Place Their Bets

In other news, Director Kathleen M. Shanahan sold 23,238 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $12.63, for a total transaction of $293,495.94. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

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

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.