Bank of New York Mellon Corp Has $2.24 Million Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Bank of New York Mellon Corp increased its holdings in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 8.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 254,686 shares of the construction company’s stock after purchasing an additional 20,781 shares during the period. Bank of New York Mellon Corp owned approximately 0.38% of Great Lakes Dredge & Dock worth $2,236,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new stake in shares of Great Lakes Dredge & Dock in the first quarter valued at approximately $1,701,000. Dimensional Fund Advisors LP grew its position in Great Lakes Dredge & Dock by 4.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,356,468 shares of the construction company’s stock worth $33,458,000 after purchasing an additional 192,053 shares during the last quarter. CenterBook Partners LP increased its holdings in shares of Great Lakes Dredge & Dock by 48.0% during the 4th quarter. CenterBook Partners LP now owns 211,702 shares of the construction company’s stock worth $1,626,000 after purchasing an additional 68,688 shares during the period. Sugar Maple Asset Management LLC bought a new position in shares of Great Lakes Dredge & Dock during the 1st quarter worth about $540,000. Finally, Jennison Associates LLC raised its position in shares of Great Lakes Dredge & Dock by 1.4% during the first quarter. Jennison Associates LLC now owns 4,359,725 shares of the construction company’s stock valued at $38,148,000 after buying an additional 60,307 shares during the last quarter. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

GLDD opened at $9.80 on Tuesday. The stock’s 50 day simple moving average is $9.18 and its 200-day simple moving average is $8.77. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.98. The stock has a market cap of $656.69 million, a PE ratio of 17.19, a P/E/G ratio of 0.34 and a beta of 1.15. Great Lakes Dredge & Dock Co. has a 1 year low of $6.11 and a 1 year high of $10.55.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.08. The firm had revenue of $170.09 million for the quarter, compared to analyst estimates of $165.00 million. Great Lakes Dredge & Dock had a net margin of 6.61% and a return on equity of 10.05%. During the same quarter in the previous year, the firm posted $0.03 EPS. Sell-side analysts forecast that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th.

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 28,709 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $9.24, for a total transaction of $265,271.16. Following the completion of the transaction, the chief executive officer now owns 902,392 shares in the company, valued at $8,338,102.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 128,990 shares of company stock valued at $1,174,747 over the last quarter. 2.20% of the stock is owned by company insiders.

Great Lakes Dredge & Dock Company Profile

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.