Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Down Following Weak Earnings

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s stock price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $11.61, but opened at $11.00. Great Lakes Dredge & Dock shares last traded at $11.41, with a volume of 176,812 shares traded.

The construction company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). The firm had revenue of $191.17 million during the quarter, compared to analysts’ expectations of $180.80 million. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. During the same quarter in the prior year, the firm posted ($0.09) earnings per share.

Analyst Ratings Changes

GLDD has been the topic of a number of research analyst reports. StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Noble Financial upped their price objective on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd.

Insider Transactions at Great Lakes Dredge & Dock

In other news, CEO Lasse Petterson sold 46,510 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $9.08, for a total value of $422,310.80. Following the sale, the chief executive officer now directly owns 931,101 shares in the company, valued at approximately $8,454,397.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 128,990 shares of company stock worth $1,174,747. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Essex Investment Management Co. LLC increased its holdings in Great Lakes Dredge & Dock by 0.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 347,517 shares of the construction company’s stock worth $3,659,000 after purchasing an additional 915 shares during the period. ARS Investment Partners LLC increased its holdings in Great Lakes Dredge & Dock by 11.0% during the 2nd quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock worth $107,000 after purchasing an additional 1,200 shares during the period. Victory Capital Management Inc. increased its holdings in Great Lakes Dredge & Dock by 1.0% during the 3rd quarter. Victory Capital Management Inc. now owns 123,228 shares of the construction company’s stock worth $1,298,000 after purchasing an additional 1,228 shares during the period. Quarry LP increased its holdings in Great Lakes Dredge & Dock by 68.5% during the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock worth $27,000 after purchasing an additional 1,259 shares during the period. Finally, nVerses Capital LLC increased its holdings in Great Lakes Dredge & Dock by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 3,500 shares of the construction company’s stock worth $37,000 after purchasing an additional 2,800 shares during the period. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Price Performance

The firm has a fifty day simple moving average of $10.86 and a 200 day simple moving average of $9.52. The company has a market capitalization of $837.19 million, a PE ratio of 19.17, a P/E/G ratio of 0.42 and a beta of 1.13. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.13 and a current ratio of 1.32.

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.