Great Lakes Dredge & Dock (NASDAQ:GLDD) to Repurchase $50.00 million in Shares

Great Lakes Dredge & Dock (NASDAQ:GLDD) declared that its board has authorized a stock repurchase program on Friday, March 14th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Great Lakes Dredge & Dock Stock Up 10.3 %

Great Lakes Dredge & Dock stock opened at $8.65 on Friday. The company’s 50 day simple moving average is $10.21 and its 200 day simple moving average is $10.99. Great Lakes Dredge & Dock has a fifty-two week low of $6.55 and a fifty-two week high of $12.89. The firm has a market capitalization of $582.00 million, a price-to-earnings ratio of 10.30, a PEG ratio of 1.06 and a beta of 1.21. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings data on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.06. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. The business had revenue of $202.77 million for the quarter, compared to analyst estimates of $211.20 million. As a group, sell-side analysts anticipate that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In related news, SVP Christopher Gunsten purchased 3,875 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of $7.75 per share, with a total value of $30,031.25. Following the completion of the purchase, the senior vice president now owns 61,532 shares in the company, valued at $476,873. This represents a 6.72 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.10% 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.