Hsbc Holdings PLC Acquires New Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Hsbc Holdings PLC bought a new position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 25,925 shares of the construction company’s stock, valued at approximately $227,000.

Several other institutional investors also recently bought and sold shares of GLDD. Jennison Associates LLC grew its position in shares of Great Lakes Dredge & Dock by 1.4% in the first quarter. Jennison Associates LLC now owns 4,359,725 shares of the construction company’s stock valued at $38,148,000 after purchasing an additional 60,307 shares during the period. Vanguard Group Inc. grew its holdings in Great Lakes Dredge & Dock by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock valued at $29,870,000 after buying an additional 48,760 shares during the period. TCW Group Inc. increased its stake in shares of Great Lakes Dredge & Dock by 2.0% during the 2nd quarter. TCW Group Inc. now owns 1,996,138 shares of the construction company’s stock valued at $17,526,000 after acquiring an additional 38,200 shares during the last quarter. Private Management Group Inc. increased its stake in shares of Great Lakes Dredge & Dock by 2.9% during the 2nd quarter. Private Management Group Inc. now owns 1,253,165 shares of the construction company’s stock valued at $11,003,000 after acquiring an additional 35,077 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Great Lakes Dredge & Dock by 2.6% during the 4th quarter. Wellington Management Group LLP now owns 451,626 shares of the construction company’s stock worth $3,468,000 after acquiring an additional 11,640 shares during the period. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Stock Performance

NASDAQ GLDD opened at $11.70 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.32 and a quick ratio of 1.13. Great Lakes Dredge & Dock Co. has a 1-year low of $6.11 and a 1-year high of $11.78. The firm has a market capitalization of $784.01 million, a P/E ratio of 20.53, a P/E/G ratio of 0.38 and a beta of 1.15. The business’s 50-day simple moving average is $9.61 and its 200-day simple moving average is $8.96.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. Great Lakes Dredge & Dock had a net margin of 6.61% and a return on equity of 10.05%. The firm had revenue of $170.09 million for the quarter, compared to analysts’ expectations of $165.00 million. During the same period in the previous year, the company posted $0.03 earnings per share. Equities analysts predict that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current year.

Insider Activity at Great Lakes Dredge & Dock

In related news, CEO Lasse Petterson sold 28,709 shares of the stock in a transaction on Monday, August 26th. The stock was 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 in the company, valued at approximately $8,338,102.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 128,990 shares of company stock worth $1,174,747. 2.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GLDD shares. Noble Financial boosted 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 report on Monday, September 23rd. StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a report on Thursday, August 15th.

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.