Great Lakes ultimately operates downstream from a record $2.3 billion fund budgeted by the U.S. These big projects did not go away but were delayed. Ultimately, these are projects that have to get done both for national security and economic purposes – ports have to be a certain depth for shippers and other vessels to enter. GLDD’s margins in 2022 got crushed, as did the stock price. When your dredgers aren’t at work because you didn’t get your bid, you send them to the shipyard for maintenance, causing a “double-whammy” of less revenue and higher costs. government, the “bid market” of projects for which GLDD competes evaporated in the first half of 2022 due to some combination of an extra-long Continuing Resolution, overly complicated budget authorization and allocation processes, and frankly, work-from-home inefficiencies. Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has a market capitalization of $545.946 million.Ĭove Street Capital made the following comment about Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) in its second quarter 2023 investor letter:Īt the end of 2022, we initiated a position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) in the midst of a significant decline in the company’s results. One-month return of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) was 8.32%, and its shares lost 30.09% of their value over the last 52 weeks. On July 11, 2023, Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) stock closed at $8.20 per share. Headquartered in Houston, Texas, Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) is a dredging services provider. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.Ĭove Street Capital highlighted stocks like Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) in the second quarter 2023 investor letter. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. A copy of the same can be downloaded here. Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter.
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