Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Short Interest Down 5.3% in June

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) saw a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 971,500 shares, a decrease of 5.3% from the May 15th total of 1,026,200 shares. Based on an average trading volume of 524,700 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.6% of the shares of the company are sold short.

Shares of NASDAQ GLDD traded up $0.01 during mid-day trading on Friday, hitting $11.06. 502,301 shares of the stock traded hands, compared to its average volume of 741,597. The stock has a fifty day moving average of $10.94. The company has a market capitalization of $700.85 million, a P/E ratio of 30.72 and a beta of 0.65. Great Lakes Dredge & Dock has a 52 week low of $4.85 and a 52 week high of $11.81. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.13 and a current ratio of 1.27.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, April 30th. The construction company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.25. The company had revenue of $192.60 million during the quarter, compared to analysts’ expectations of $180.20 million. Great Lakes Dredge & Dock had a return on equity of 18.05% and a net margin of 2.80%. Great Lakes Dredge & Dock’s revenue for the quarter was up 44.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.15) earnings per share. Analysts forecast that Great Lakes Dredge & Dock will post 0.68 EPS for the current fiscal year.

Several equities analysts recently issued reports on GLDD shares. Noble Financial restated a “buy” rating and set a $12.10 price target on shares of Great Lakes Dredge & Dock in a research report on Thursday, June 20th. BidaskClub upgraded Misonix from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, Zacks Investment Research lowered W. R. Grace & Co from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $11.55.

In other Great Lakes Dredge & Dock news, insider David E. Simonelli sold 4,059 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $10.40, for a total value of $42,213.60. Following the sale, the insider now owns 322,298 shares of the company’s stock, valued at approximately $3,351,899.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David E. Simonelli sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $10.90, for a total value of $43,600.00. Following the completion of the sale, the insider now directly owns 322,239 shares in the company, valued at approximately $3,512,405.10. The disclosure for this sale can be found here. Insiders have sold a total of 1,039,777 shares of company stock valued at $11,357,977 in the last quarter. 4.66% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System bought a new position in shares of Great Lakes Dredge & Dock in the first quarter worth about $45,000. Meeder Asset Management Inc. purchased a new stake in Great Lakes Dredge & Dock during the first quarter valued at approximately $56,000. Quantamental Technologies LLC raised its position in Great Lakes Dredge & Dock by 45.6% during the first quarter. Quantamental Technologies LLC now owns 7,573 shares of the construction company’s stock valued at $67,000 after purchasing an additional 2,373 shares during the period. Legal & General Group Plc raised its position in Great Lakes Dredge & Dock by 18.2% during the fourth quarter. Legal & General Group Plc now owns 10,782 shares of the construction company’s stock valued at $71,000 after purchasing an additional 1,658 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in Great Lakes Dredge & Dock by 415.7% during the first quarter. BNP Paribas Arbitrage SA now owns 11,882 shares of the construction company’s stock valued at $106,000 after purchasing an additional 9,578 shares during the period. 81.95% of the stock is owned by institutional investors and hedge funds.

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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