Texas Capital Downgrades Great Lakes Dredge & Dock Corporation (GLDD) to Hold with a $17 Price Target

Jeff Lewis

Tue, February 17, 2026 at 6:51 PM GMT+9 2 min read

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Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) is among the 15 Best Small Cap Stocks to Buy According to Wall Street.

Texas Capital Downgrades Great Lakes Dredge & Dock Corporation (GLDD) to Hold with a $17 Price Target

On February 12, 2026, Texas Capital analyst Alex Rygiel downgraded Great Lakes Dredge to Hold from Buy with a $17 price target after Saltchuk Resources announced a definitive agreement to acquire the company for $17 per share in cash.

The announcement followed a February 11, 2026, joint statement from Great Lakes Dredge & Dock Corporation and Saltchuk Resources outlining a transaction with an aggregate equity value of approximately $1.2 billion and a total value of $1.5 billion. Saltchuk will launch a tender offer to purchase all outstanding shares at $17.00 per share in cash, representing a 25% premium to Great Lakes’ 90-day volume-weighted average price as of February 10, 2026, and a 5% premium to its all-time high closing price.

The boards of both companies unanimously approved the agreement and recommend shareholders tender their shares. The offer is expected to close in the second quarter of 2026, subject to customary conditions including the expiration of the Hart-Scott-Rodino Act waiting period and the tender of a majority of outstanding shares. After completion of the tender offer, Saltchuk will acquire the remaining shares through a second-step merger at the same price. Upon closing, Great Lakes will operate as a standalone business within Saltchuk and will no longer be listed on Nasdaq.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) provides dredging services in the United States, including port expansion, coastal restoration, land reclamation, and marine infrastructure projects.

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