Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Director Ronald Steger Sells 5,000 Shares of Stock

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

Great Lakes Dredge & Dock Stock Performance

GLDD opened at $11.57 on Thursday. Great Lakes Dredge & Dock Co. has a 12-month low of $7.51 and a 12-month high of $12.89. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $785.90 million, a PE ratio of 13.77, a P/E/G ratio of 1.06 and a beta of 1.23. The firm has a 50 day moving average of $9.73 and a two-hundred day moving average of $10.43.

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 (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 company had revenue of $242.87 million during the quarter, compared to analyst estimates of $206.70 million. On average, analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

Great Lakes Dredge & Dock declared that its board has authorized a stock repurchase plan 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 plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC increased its holdings in shares of Great Lakes Dredge & Dock by 0.4% during the 4th quarter. Sanctuary Advisors LLC now owns 235,282 shares of the construction company’s stock valued at $2,623,000 after purchasing an additional 979 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Great Lakes Dredge & Dock by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,537 shares of the construction company’s stock valued at $424,000 after purchasing an additional 1,235 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Great Lakes Dredge & Dock by 3.2% during the 1st quarter. Hsbc Holdings PLC now owns 41,256 shares of the construction company’s stock valued at $360,000 after purchasing an additional 1,272 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of Great Lakes Dredge & Dock by 5.9% during the 4th quarter. MetLife Investment Management LLC now owns 39,877 shares of the construction company’s stock valued at $450,000 after purchasing an additional 2,213 shares in the last quarter. Finally, AlphaQuest LLC purchased a new position in shares of Great Lakes Dredge & Dock during the 4th quarter valued at approximately $33,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

About Great Lakes Dredge & Dock

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.