Raymond James Financial Inc. Takes Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Raymond James Financial Inc. acquired a new position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 205,670 shares of the construction company’s stock, valued at approximately $2,322,000. Raymond James Financial Inc. owned approximately 0.31% of Great Lakes Dredge & Dock at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harvey Partners LLC increased its position in shares of Great Lakes Dredge & Dock by 9.8% in the third quarter. Harvey Partners LLC now owns 3,647,500 shares of the construction company’s stock valued at $38,408,000 after buying an additional 325,500 shares in the last quarter. TCW Group Inc. grew its stake in Great Lakes Dredge & Dock by 5.0% in the 3rd quarter. TCW Group Inc. now owns 2,095,834 shares of the construction company’s stock valued at $22,069,000 after acquiring an additional 99,696 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Great Lakes Dredge & Dock by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,561,897 shares of the construction company’s stock worth $16,450,000 after purchasing an additional 22,166 shares in the last quarter. State Street Corp increased its position in Great Lakes Dredge & Dock by 0.9% during the third quarter. State Street Corp now owns 1,540,516 shares of the construction company’s stock worth $16,222,000 after buying an additional 13,010 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Great Lakes Dredge & Dock by 60.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 287,248 shares of the construction company’s stock valued at $3,025,000 after purchasing an additional 108,227 shares during the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Stock Performance

Great Lakes Dredge & Dock stock opened at $8.84 on Friday. The stock has a fifty day moving average price of $9.71 and a 200 day moving average price of $10.96. Great Lakes Dredge & Dock Co. has a 52 week low of $6.55 and a 52 week high of $12.89. The firm has a market capitalization of $594.78 million, a P/E ratio of 10.52, a PEG ratio of 1.06 and a beta of 1.21. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The company had revenue of $202.77 million for the quarter, compared to analyst estimates of $211.20 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. Equities research analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current year.

Great Lakes Dredge & Dock declared that its board has approved a share repurchase program on Friday, March 14th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to buy 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.

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten bought 3,875 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $7.75 per share, with a total value of $30,031.25. Following the completion of the transaction, the senior vice president now owns 61,532 shares in the company, valued at $476,873. The trade was a 6.72 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.20% of the stock is owned by insiders.

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.