Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Short Interest Down 33.0% in December

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a significant decline in short interest in December. As of December 31st, there was short interest totalling 577,100 shares, a decline of 33.0% from the December 15th total of 861,800 shares. Based on an average daily volume of 407,300 shares, the short-interest ratio is currently 1.4 days. Approximately 0.9% of the company’s stock are short sold.

Great Lakes Dredge & Dock Stock Performance

NASDAQ:GLDD traded down $0.01 during trading hours on Wednesday, hitting $11.66. 78,395 shares of the company traded hands, compared to its average volume of 341,173. The stock has a market capitalization of $784.39 million, a price-to-earnings ratio of 13.40, a P/E/G ratio of 0.48 and a beta of 1.17. Great Lakes Dredge & Dock has a twelve month low of $6.55 and a twelve month high of $12.89. The firm has a 50-day moving average of $12.02 and a 200 day moving average of $10.69. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Tuesday, November 5th. The construction company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. The business had revenue of $191.17 million during the quarter, compared to analyst estimates of $180.80 million. During the same quarter in the prior year, the company posted ($0.09) EPS. On average, analysts forecast that Great Lakes Dredge & Dock will post 0.76 EPS for the current year.

Analyst Ratings Changes

Separately, Noble Financial upped 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.

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, Director Kathleen M. Shanahan sold 23,238 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $12.63, for a total value of $293,495.94. Following the completion of the sale, the director now directly owns 67,675 shares of the company’s stock, valued at $854,735.25. The trade was a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of hedge funds have recently made changes to their positions in the business. Jennison Associates LLC raised its stake in shares of Great Lakes Dredge & Dock by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 4,333,438 shares of the construction company’s stock valued at $45,631,000 after buying an additional 79,087 shares in the last quarter. Harvey Partners LLC raised its stake in shares of Great Lakes Dredge & Dock by 9.8% in the 3rd quarter. Harvey Partners LLC now owns 3,647,500 shares of the construction company’s stock valued at $38,408,000 after buying an additional 325,500 shares in the last quarter. TCW Group Inc. grew its holdings in shares of Great Lakes Dredge & Dock by 5.0% in the 3rd quarter. TCW Group Inc. now owns 2,095,834 shares of the construction company’s stock worth $22,069,000 after purchasing an additional 99,696 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Great Lakes Dredge & Dock by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,561,897 shares of the construction company’s stock worth $16,450,000 after purchasing an additional 22,166 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Great Lakes Dredge & Dock by 0.9% in the 3rd quarter. State Street Corp now owns 1,540,516 shares of the construction company’s stock worth $16,222,000 after purchasing an additional 13,010 shares during the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

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.