Great Lakes Dredge & Dock (GLDD) closed at $7.91 in the latest trading session, marking a -0.38% move from the prior day. This move lagged the S&P 500's daily gain of 2.28%. Meanwhile, the Dow gained 2.24%, and the Nasdaq, a tech-heavy index, added 1.72%.
Coming into today, shares of the provider of dredging and dock-contracting services had lost 20.92% in the past month. In that same time, the Construction sector lost 29.25%, while the S&P 500 lost 16.08%.
GLDD will be looking to display strength as it nears its next earnings release. On that day, GLDD is projected to report earnings of $0.17 per share, which would represent a year-over-year decline of 46.88%.
It is also important to note the recent changes to analyst estimates for GLDD. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. GLDD is currently sporting a Zacks Rank of #2 (Buy).
In terms of valuation, GLDD is currently trading at a Forward P/E ratio of 9.23. Its industry sports an average Forward P/E of 8.6, so we one might conclude that GLDD is trading at a premium comparatively.
The Building Products - Heavy Construction industry is part of the Construction sector. This group has a Zacks Industry Rank of 218, putting it in the bottom 15% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.