Great Lakes Dredge & Dock Corporation (GLDD) Trading 6.3% Higher

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) traded up 6.3% during trading on Monday . The company traded as high as $5.15 and last traded at $5.10. 591,442 shares changed hands during trading, an increase of 96% from the average session volume of 301,964 shares. The stock had previously closed at $4.80.

A number of equities research analysts recently commented on the company. ValuEngine lowered Great Lakes Dredge & Dock Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. BidaskClub lowered Great Lakes Dredge & Dock Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $6.50 price objective on shares of Great Lakes Dredge & Dock Corporation in a research report on Tuesday, July 11th.

The stock’s market cap is $300.88 million. The company’s 50-day moving average price is $4.03 and its 200 day moving average price is $4.24.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) last announced its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $176.90 million for the quarter, compared to analyst estimates of $201.70 million. Great Lakes Dredge & Dock Corporation had a positive return on equity of 1.00% and a negative net margin of 2.62%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) earnings per share. Equities research analysts predict that Great Lakes Dredge & Dock Corporation will post $0.02 earnings per share for the current fiscal year.

In related news, CEO Lasse Petterson purchased 155,897 shares of the stock in a transaction dated Wednesday, August 9th. The stock was bought at an average cost of $3.74 per share, for a total transaction of $583,054.78. Following the completion of the acquisition, the chief executive officer now owns 349,176 shares of the company’s stock, valued at $1,305,918.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have bought 291,904 shares of company stock valued at $1,095,805 over the last quarter. Company insiders own 8.24% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Susquehanna International Group LLP acquired a new position in shares of Great Lakes Dredge & Dock Corporation during the second quarter worth $237,000. The Manufacturers Life Insurance Company increased its holdings in shares of Great Lakes Dredge & Dock Corporation by 5.0% during the second quarter. The Manufacturers Life Insurance Company now owns 52,910 shares of the construction company’s stock worth $227,000 after buying an additional 2,504 shares in the last quarter. State Street Corp increased its holdings in shares of Great Lakes Dredge & Dock Corporation by 1.7% during the second quarter. State Street Corp now owns 1,063,220 shares of the construction company’s stock worth $4,577,000 after buying an additional 17,953 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in shares of Great Lakes Dredge & Dock Corporation during the second quarter worth $430,000. Finally, Brandywine Global Investment Management LLC increased its holdings in shares of Great Lakes Dredge & Dock Corporation by 2.3% during the second quarter. Brandywine Global Investment Management LLC now owns 33,195 shares of the construction company’s stock worth $143,000 after buying an additional 755 shares in the last quarter. Institutional investors own 71.23% of the company’s stock.

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Great Lakes Dredge & Dock Corporation Company Profile

Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company provides dredging services in the East, West and Gulf Coasts of the United States and around the world. It operates in two segments: Dredging Operations, which involves enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock, and Environmental & Remediation Operations, which provides construction services on soil, water and sediment for clients in both the public and private sectors.

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