Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Sees Significant Drop in Short Interest

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 1,500,000 shares, a decline of 13.3% from the June 15th total of 1,730,000 shares. Based on an average daily volume of 403,100 shares, the short-interest ratio is presently 3.7 days. Currently, 2.3% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. CWM LLC grew its stake in shares of Great Lakes Dredge & Dock by 520.5% in the second quarter. CWM LLC now owns 5,051 shares of the construction company’s stock worth $44,000 after purchasing an additional 4,237 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Great Lakes Dredge & Dock during the fourth quarter valued at approximately $113,000. Bayesian Capital Management LP bought a new stake in shares of Great Lakes Dredge & Dock in the 1st quarter worth $137,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Great Lakes Dredge & Dock by 23.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,955 shares of the construction company’s stock worth $123,000 after purchasing an additional 3,011 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Great Lakes Dredge & Dock in the fourth quarter valued at approximately $243,000. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $8.68 on Monday. The stock has a fifty day moving average of $8.93 and a 200-day moving average of $8.37. The stock has a market capitalization of $581.65 million, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 0.34 and a beta of 1.14. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.06 and a current ratio of 1.25. Great Lakes Dredge & Dock has a 52 week low of $6.11 and a 52 week high of $9.78.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, May 7th. The construction company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.25. Great Lakes Dredge & Dock had a net margin of 6.05% and a return on equity of 8.83%. The firm had revenue of $198.66 million for the quarter, compared to analyst estimates of $176.45 million. On average, sell-side analysts expect that Great Lakes Dredge & Dock will post 0.72 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a research report on Thursday.

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.