Noble Financial Has Bullish Forecast for GLDD Q4 Earnings

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) – Noble Financial increased their Q4 2024 earnings per share estimates for Great Lakes Dredge & Dock in a report released on Wednesday, November 6th. Noble Financial analyst J. Gomes now forecasts that the construction company will post earnings of $0.22 per share for the quarter, up from their prior forecast of $0.21. Noble Financial currently has a “Outperform” rating and a $14.00 target price on the stock. The consensus estimate for Great Lakes Dredge & Dock’s current full-year earnings is $0.80 per share. Noble Financial also issued estimates for Great Lakes Dredge & Dock’s FY2025 earnings at $0.93 EPS.

Separately, StockNews.com lowered Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th.

Great Lakes Dredge & Dock Stock Performance

NASDAQ:GLDD opened at $12.38 on Thursday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.13 and a current ratio of 1.32. The firm’s 50-day moving average is $10.92 and its 200-day moving average is $9.54. Great Lakes Dredge & Dock has a 52-week low of $6.11 and a 52-week high of $12.59. The company has a market cap of $831.81 million, a price-to-earnings ratio of 19.05, a PEG ratio of 0.41 and a beta of 1.13.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, November 5th. The construction company reported $0.13 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 analyst estimates of $180.80 million. Great Lakes Dredge & Dock had a net margin of 6.61% and a return on equity of 10.05%. During the same quarter in the previous year, the company earned ($0.09) earnings per share.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLDD. Essex Investment Management Co. LLC raised its stake in shares of Great Lakes Dredge & Dock by 0.3% in the third quarter. Essex Investment Management Co. LLC now owns 347,517 shares of the construction company’s stock valued at $3,659,000 after acquiring an additional 915 shares during the last quarter. 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 valued at $107,000 after purchasing an additional 1,200 shares in the last quarter. 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 valued at $1,298,000 after purchasing an additional 1,228 shares in the last quarter. Quarry LP raised its position in Great Lakes Dredge & Dock by 68.5% in the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock valued at $27,000 after purchasing an additional 1,259 shares during the last quarter. Finally, nVerses Capital LLC boosted its stake in Great Lakes Dredge & Dock by 400.0% in the third 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 in the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Lasse Petterson sold 53,771 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.06, for a total transaction of $487,165.26. Following the completion of the transaction, the chief executive officer now owns 987,758 shares in the company, valued at $8,949,087.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 128,990 shares of company stock valued at $1,174,747 over the last ninety days. 2.10% of the stock is owned by company insiders.

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.