Great Lakes Dredge & Dock Corporation (GLDD) : Rutabaga Capital Managementma reduced its stake in Great Lakes Dredge & Dock Corporation by 15.9% during the most recent quarter end. The investment management company now holds a total of 2,786,976 shares of Great Lakes Dredge & Dock Corporation which is valued at $12,151,215 after selling 526,795 shares in Great Lakes Dredge & Dock Corporation , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.Great Lakes Dredge & Dock Corporation makes up approximately 2.10% of Rutabaga Capital Managementma’s portfolio.
Other Hedge Funds, Including , California Public Employees Retirement System boosted its stake in GLDD in the latest quarter, The investment management firm added 64,600 additional shares and now holds a total of 389,700 shares of Great Lakes Dredge & Dock Corporation which is valued at $1,699,092. Simplex Trading added GLDD to its portfolio by purchasing 3,292 company shares during the most recent quarter which is valued at $14,715.
Great Lakes Dredge & Dock Corporation opened for trading at $3.7 and hit $3.89 on the upside on Monday, eventually ending the session at $3.86, with a gain of 3.49% or 0.13 points. The heightened volatility saw the trading volume jump to 2,94,735 shares. Company has a market cap of $234 M.
On the company’s financial health, Great Lakes Dredge & Dock Corporation reported $-0.03 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $0.01. The company had revenue of $192.19 million for the quarter, compared to analysts expectations of $217.35 million. The company’s revenue was down -19.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.05 EPS.
Many Wall Street Analysts have commented on Great Lakes Dredge & Dock Corporation. Shares were Downgraded by Imperial Capital on Aug 8, 2016 to ” In-line” and Lowered the Price Target to $ 4 from a previous price target of $5.50 .Shares were Reiterated by DA Davidson on Aug 5, 2016 to “Neutral” and Lowered the Price Target to $ 4 from a previous price target of $5 .
Great Lakes Dredge & Dock Corporation (Great Lakes) is a provider of dredging services. Great Lakes provides dredging services in the East West and Gulf Coasts of the United States and around the world. The Company operates in two segments: Dredging Operations which involves in the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil sand or rock and Environmental & Remediation Operations which provides soil water and sediment environmental remediation for clients in both the public and private sectors in the United States. The Company has a 50% interest in Amboy Aggregates (Amboy) a sand dredging operation in New Jersey; A 50% interest in Lower Main Street Development LLC (Lower Main) land development and sale business and a 50% interest in TerraSea Environmental Solutions (TerraSea) a remediation business.