Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Short Interest Down 15.4% in October

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 670,400 shares, a drop of 15.4% from the October 15th total of 792,100 shares. Approximately 1.0% of the shares of the company are sold short. Based on an average daily trading volume, of 486,700 shares, the days-to-cover ratio is presently 1.4 days.

Insider Activity at Great Lakes Dredge & Dock

In other news, Director Kathleen M. Shanahan sold 23,238 shares of the company’s stock in a transaction that occurred on 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 directly owns 67,675 shares in the company, valued at $854,735.25. The trade was a 25.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lasse Petterson sold 28,709 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 902,392 shares of the company’s stock, valued at $8,338,102.08. This represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 152,228 shares of company stock worth $1,468,243. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several hedge funds and other institutional investors have recently modified their holdings of GLDD. Sequoia Financial Advisors LLC bought a new stake in Great Lakes Dredge & Dock in the third quarter valued at $1,079,000. GSA Capital Partners LLP grew its holdings in shares of Great Lakes Dredge & Dock by 138.5% in the 3rd quarter. GSA Capital Partners LLP now owns 154,451 shares of the construction company’s stock worth $1,626,000 after purchasing an additional 89,684 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter worth about $1,823,000. Hsbc Holdings PLC acquired a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter worth about $227,000. Finally, Sanctuary Advisors LLC acquired a new position in Great Lakes Dredge & Dock in the second quarter valued at about $2,057,000. Institutional investors own 89.11% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Great Lakes Dredge & Dock Stock Performance

Great Lakes Dredge & Dock stock traded down $0.20 on Friday, hitting $11.94. The company’s stock had a trading volume of 381,804 shares, compared to its average volume of 428,847. The company has a fifty day moving average price of $11.26 and a 200-day moving average price of $9.75. The firm has a market cap of $802.89 million, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.45 and a beta of 1.13. Great Lakes Dredge & Dock has a one year low of $6.34 and a one year high of $12.83. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings results 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 analyst estimates 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 period last year, the company earned ($0.09) EPS. On average, equities analysts anticipate that Great Lakes Dredge & Dock will post 0.76 earnings per share for the current year.

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.