Short Interest in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Decreases By 10.1%

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) saw a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 761,200 shares, a drop of 10.1% from the November 15th total of 846,600 shares. Based on an average daily trading volume, of 430,100 shares, the days-to-cover ratio is currently 1.8 days. Currently, 1.2% of the shares of the company are sold short.

Insider Transactions at Great Lakes Dredge & Dock

In related news, Director Kathleen M. Shanahan sold 23,238 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $12.63, for a total transaction of $293,495.94. Following the transaction, the director now owns 67,675 shares of the company’s stock, valued at approximately $854,735.25. The trade was a 25.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLDD. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Great Lakes Dredge & Dock during the third quarter worth $6,744,000. TCW Group Inc. lifted its holdings in Great Lakes Dredge & Dock by 5.0% in the third quarter. TCW Group Inc. now owns 2,095,834 shares of the construction company’s stock valued at $22,069,000 after acquiring an additional 99,696 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Great Lakes Dredge & Dock during the 3rd quarter worth $1,079,000. GSA Capital Partners LLP lifted its stake in shares of Great Lakes Dredge & Dock by 138.5% during the third quarter. GSA Capital Partners LLP now owns 154,451 shares of the construction company’s stock valued at $1,626,000 after buying an additional 89,684 shares during the period. Finally, Verition Fund Management LLC raised its stake in shares of Great Lakes Dredge & Dock by 225.3% in the 3rd quarter. Verition Fund Management LLC now owns 60,127 shares of the construction company’s stock valued at $633,000 after acquiring an additional 41,645 shares during the period. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Noble Financial raised their price target on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock traded down $0.21 on Tuesday, hitting $11.88. 441,806 shares of the stock were exchanged, compared to its average volume of 427,503. The firm’s 50 day moving average is $12.12 and its two-hundred day moving average is $10.31. Great Lakes Dredge & Dock has a one year low of $6.55 and a one year high of $12.89. The firm has a market capitalization of $799.19 million, a PE ratio of 13.61, a P/E/G ratio of 0.48 and a beta of 1.15. 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 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 company had revenue of $191.17 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts expect that Great Lakes Dredge & Dock will post 0.76 earnings per share for the current fiscal year.

About Great Lakes Dredge & Dock

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.