The important aspect for investors to realize is the dredging market is very dependent on the annual U.S. GLDD augments government-funded projects with private work, such as harbor and waterway construction for LNG terminals and offshore VLCC loading, and offshore wind farm development. Army Corp of Engineers for most of its business. It is the largest dredger in the US and relies on the U.S. Great Lakes Dredge and Dock is a 130-year-old company specializing in coastal and harbor dredging and coastal restoration. Sand Island and its 138-year-old lighthouse at the mouth of Mobile Bay, AL before and after restoration. It is as egregious as not including Great Lakes Dredge and Dock in any discussion of infrastructure investments. It included greats such as The Allman Brothers’ “Statesboro Blues” along with Jeff Beck and the Yardbirds’ 1965 song, “Evil Hearted You”, but only mentions Ry Cooder in passing. This situation reminds me of the just-published list of the 10 best slide guitar songs by Guitar World magazine. While hardly mentioned in discussions of infrastructure opportunities, marine dredging and Great Lakes Dredge deserve a place at the table, much like Ry Cooder’s incredible slide guitar.Īccording to ETF.com, there are 47 ETFs holding positions in Great Lakes Dredge, but combined, these funds own a meager 3.8 million shares with the largest ETF holding worth only $2.3 million. The stock is trading at relatively inexpensive multiples, especially for an overvalued market, and offers long-term shareholders unique exposure to a critical industry.
However, Great Lakes Dredge, the largest US dredging company, is often overlooked and is an under-followed stock in the infrastructure sector. Commonly known as infrastructure stocks, this group include road paving, cement and aggregates, steel, and heavy equipment manufacturing and rental companies. Great Lakes Dredge and Dock ( NASDAQ: GLDD) is a small-cap firm specializing in a niche industry of the Heavy and Civil Engineering Construction sub-sector.
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