Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Short Interest Update

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 1,750,000 shares, a growth of 10.8% from the August 30th total of 1,580,000 shares. Currently, 2.9% of the company’s shares are short sold. Based on an average daily volume of 505,100 shares, the days-to-cover ratio is presently 3.5 days.

GLDD has been the subject of several recent analyst reports. Noble Financial reaffirmed a “buy” rating and set a $13.80 price objective on shares of Great Lakes Dredge & Dock in a research report on Sunday, October 6th. Zacks Investment Research raised shares of Great Lakes Dredge & Dock from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective for the company in a research report on Friday, August 2nd. ValuEngine downgraded shares of Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Finally, BidaskClub downgraded shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th.

Shares of GLDD traded up $0.25 during trading hours on Wednesday, reaching $10.87. The stock had a trading volume of 421,500 shares, compared to its average volume of 530,060. Great Lakes Dredge & Dock has a 12 month low of $5.37 and a 12 month high of $11.81. The firm has a 50-day simple moving average of $10.31 and a 200 day simple moving average of $10.45. The company has a current ratio of 1.31, a quick ratio of 1.18 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $655.50 million, a price-to-earnings ratio of 30.19 and a beta of 0.53.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Wednesday, July 31st. The construction company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.06. Great Lakes Dredge & Dock had a return on equity of 22.64% and a net margin of 3.90%. The company had revenue of $184.81 million for the quarter, compared to analysts’ expectations of $181.65 million. During the same period last year, the business earned $0.02 EPS. Great Lakes Dredge & Dock’s quarterly revenue was up 36.6% compared to the same quarter last year. On average, equities analysts forecast that Great Lakes Dredge & Dock will post 0.74 EPS for the current year.

In other news, insider David E. Simonelli sold 3,809 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $10.90, for a total transaction of $41,518.10. Following the completion of the sale, the insider now owns 322,048 shares of the company’s stock, valued at approximately $3,510,323.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ryan Levenson sold 21,905 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $10.14, for a total transaction of $222,116.70. Following the sale, the director now directly owns 35,816 shares of the company’s stock, valued at approximately $363,174.24. The disclosure for this sale can be found here. Insiders have sold a total of 26,878 shares of company stock valued at $276,171 in the last three months. Insiders own 4.66% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Nkcfo LLC bought a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth $52,000. Canton Hathaway LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 50.0% in the 3rd quarter. Canton Hathaway LLC now owns 5,220 shares of the construction company’s stock worth $55,000 after purchasing an additional 1,740 shares in the last quarter. Hancock Whitney Corp bought a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth $125,000. One Wealth Advisors LLC bought a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth $139,000. Finally, Convergence Investment Partners LLC bought a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth $174,000. Institutional investors own 85.79% of the company’s stock.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. The company 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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