Great Lakes Dredge & Dock Co. (GLDD) Holdings Trimmed by Jennison Associates LLC

Jennison Associates LLC decreased its holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 1.0% in the third quarter, Holdings Channel reports. The institutional investor owned 4,919,792 shares of the construction company’s stock after selling 48,379 shares during the period. Jennison Associates LLC owned approximately 0.08% of Great Lakes Dredge & Dock worth $30,503,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Essex Investment Management Co. LLC grew its stake in shares of Great Lakes Dredge & Dock by 419.7% during the 3rd quarter. Essex Investment Management Co. LLC now owns 325,593 shares of the construction company’s stock valued at $2,019,000 after purchasing an additional 262,946 shares during the period. TCW Group Inc. grew its stake in shares of Great Lakes Dredge & Dock by 45.3% during the 3rd quarter. TCW Group Inc. now owns 807,995 shares of the construction company’s stock valued at $5,010,000 after purchasing an additional 251,752 shares during the period. BlackRock Inc. grew its stake in shares of Great Lakes Dredge & Dock by 5.5% during the 2nd quarter. BlackRock Inc. now owns 3,950,370 shares of the construction company’s stock valued at $20,739,000 after purchasing an additional 205,172 shares during the period. Hodges Capital Management Inc. bought a new stake in shares of Great Lakes Dredge & Dock during the 3rd quarter valued at about $429,000. Finally, HighPoint Advisor Group LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 2nd quarter valued at about $216,000. 76.04% of the stock is owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on the company. BidaskClub downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. TheStreet upgraded Great Lakes Dredge & Dock from a “d+” rating to a “c-” rating in a research note on Monday, September 10th. Noble Financial set a $8.00 price objective on Great Lakes Dredge & Dock and gave the company a “buy” rating in a research note on Thursday, August 2nd. Zacks Investment Research downgraded Great Lakes Dredge & Dock from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Finally, ValuEngine upgraded Great Lakes Dredge & Dock from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd. One research analyst has rated the stock with a hold rating, one has given a buy rating and three have assigned a strong buy rating to the stock. Great Lakes Dredge & Dock presently has an average rating of “Buy” and an average target price of $7.88.

Shares of NASDAQ:GLDD opened at $7.08 on Friday. The company has a market cap of $442.36 million, a P/E ratio of -26.22 and a beta of 0.62. The company has a quick ratio of 1.33, a current ratio of 1.56 and a debt-to-equity ratio of 1.57. Great Lakes Dredge & Dock Co. has a 12-month low of $4.15 and a 12-month high of $7.72.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.15. The company had revenue of $204.32 million during the quarter, compared to the consensus estimate of $199.25 million. Great Lakes Dredge & Dock had a negative return on equity of 0.73% and a negative net margin of 1.07%. The firm’s revenue was up 25.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) EPS. On average, sell-side analysts expect that Great Lakes Dredge & Dock Co. will post 0.11 earnings per share for the current year.

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Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States and internationally. It operates through two segments, Dredging, and Environmental & Infrastructure. The Dredging segment is involved 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.

Further Reading: Systematic Risk and Investors

Want to see what other hedge funds are holding GLDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Great Lakes Dredge & Dock Co. (NASDAQ:GLDD).

Institutional Ownership by Quarter for Great Lakes Dredge & Dock (NASDAQ:GLDD)

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