Castlekeep Investment Advisors LLC Invests $5.52 Million in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Castlekeep Investment Advisors LLC purchased a new stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 489,029 shares of the construction company’s stock, valued at approximately $5,521,000. Great Lakes Dredge & Dock makes up approximately 0.9% of Castlekeep Investment Advisors LLC’s investment portfolio, making the stock its 23rd biggest holding.

Several other hedge funds also recently added to or reduced their stakes in the stock. AlphaQuest LLC purchased a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth approximately $33,000. Federated Hermes Inc. raised its stake in Great Lakes Dredge & Dock by 878.9% during the 4th quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company’s stock worth $63,000 after acquiring an additional 5,045 shares in the last quarter. R Squared Ltd purchased a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at $69,000. Lazard Asset Management LLC purchased a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at $118,000. Finally, Semanteon Capital Management LP acquired a new position in Great Lakes Dredge & Dock in the fourth quarter valued at $130,000. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Trading Up 2.2%

GLDD opened at $10.93 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97. Great Lakes Dredge & Dock Co. has a 52 week low of $7.51 and a 52 week high of $12.89. The business’s 50 day moving average is $9.40 and its two-hundred day moving average is $10.50. The firm has a market cap of $742.43 million, a price-to-earnings ratio of 13.01, a price-to-earnings-growth ratio of 1.06 and a beta of 1.23.

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

Great Lakes Dredge & Dock announced that its board has approved a stock buyback program on Friday, March 14th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, SVP Eleni Beyko sold 22,579 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $10.26, for a total transaction of $231,660.54. Following the completion of the sale, the senior vice president now owns 50,138 shares in the company, valued at approximately $514,415.88. This represents a 31.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Christopher Gunsten purchased 3,875 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the acquisition, the senior vice president now owns 61,532 shares of the company’s stock, valued at approximately $476,873. The trade was a 6.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a research report 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.