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

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Director Ronald Steger sold 5,000 shares of Great Lakes Dredge & Dock stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the completion of the sale, the director now directly owns 20,404 shares in the company, valued at $236,482.36. This represents a 19.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $11.57 on Thursday. The company’s fifty day moving average price is $9.73 and its 200 day moving average price is $10.43. Great Lakes Dredge & Dock Co. has a 1 year low of $7.51 and a 1 year high of $12.89. The stock has a market capitalization of $785.90 million, a P/E ratio of 13.77, a P/E/G ratio of 1.06 and a beta of 1.23. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21.

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 the consensus estimate 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 for the quarter, compared to analysts’ expectations of $206.70 million. As a group, equities research analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current fiscal year.

Great Lakes Dredge & Dock announced that its Board of Directors has initiated a stock repurchase program on Friday, March 14th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strs Ohio acquired a new stake in Great Lakes Dredge & Dock during the 1st quarter worth $45,000. Jane Street Group LLC boosted its stake in Great Lakes Dredge & Dock by 80.0% during the 1st quarter. Jane Street Group LLC now owns 74,222 shares of the construction company’s stock worth $646,000 after purchasing an additional 32,987 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Great Lakes Dredge & Dock by 1.2% during 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 worth $2,147,000 after purchasing an additional 3,042 shares during the last quarter. Empowered Funds LLC acquired a new stake in Great Lakes Dredge & Dock during the 1st quarter worth $1,726,000. Finally, Teza Capital Management LLC acquired a new stake in Great Lakes Dredge & Dock during the 1st quarter worth $111,000. Institutional investors and hedge funds own 89.11% of the company’s stock.

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.