Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Director Sells $57,950.00 in Stock

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Director Ronald Steger sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total value of $57,950.00. Following the sale, the director now directly owns 20,404 shares of the company’s stock, valued at $236,482.36. This trade represents a 19.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Great Lakes Dredge & Dock Stock Up 1.7%

GLDD opened at $11.72 on Friday. Great Lakes Dredge & Dock Co. has a fifty-two week low of $7.51 and a fifty-two week high of $12.89. The business has a 50-day moving average of $9.90 and a 200-day moving average of $10.43. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. The company has a market capitalization of $796.09 million, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.06 and a beta of 1.29.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. The company had revenue of $242.87 million during the quarter, compared to the consensus estimate of $206.70 million. Equities research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current fiscal year.

Great Lakes Dredge & Dock announced that its board has authorized a share buyback program on Friday, March 14th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to repurchase up to 8.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at approximately $45,000. Jane Street Group LLC raised its stake in shares of Great Lakes Dredge & Dock by 80.0% in the 1st quarter. Jane Street Group LLC now owns 74,222 shares of the construction company’s stock valued at $646,000 after acquiring an additional 32,987 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Great Lakes Dredge & Dock by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 246,766 shares of the construction company’s stock valued at $2,147,000 after acquiring an additional 3,042 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at approximately $1,726,000. Finally, Teza Capital Management LLC bought a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at approximately $111,000. 89.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a research note on Monday, May 19th.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.