Great Lakes Dredge & Dock (GLDD) closed at $7.47 in the latest trading session, marking a -1.58% move from the prior day. This change was narrower than the S&P 500's 11.98% loss on the day. Meanwhile, the Dow lost 12.93%, and the Nasdaq, a tech-heavy index, lost 12.32%.
Heading into today, shares of the provider of dredging and dock-contracting services had lost 26.24% over the past month, outpacing the Construction sector's loss of 27.43% and lagging the S&P 500's loss of 19.8% in that time.
Wall Street will be looking for positivity from GLDD as it approaches its next earnings report date. The company is expected to report EPS of $0.17, down 46.88% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for GLDD. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. GLDD is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that GLDD has a Forward P/E ratio of 8.83 right now. This valuation marks a premium compared to its industry's average Forward P/E of 7.
The Building Products - Heavy Construction industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 220, which puts it in the bottom 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.