Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up – What’s Next?

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $7.84, but opened at $8.24. Great Lakes Dredge & Dock shares last traded at $8.44, with a volume of 129,518 shares trading hands.

Great Lakes Dredge & Dock Stock Performance

The stock has a market capitalization of $582.00 million, a price-to-earnings ratio of 10.30, a P/E/G ratio of 1.06 and a beta of 1.21. The company’s fifty day simple moving average is $10.21 and its 200 day simple moving average is $11.00. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, beating 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 the consensus estimate of $211.20 million. On average, equities research analysts expect 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 stock buyback plan on Friday, March 14th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten acquired 3,875 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $7.75 per share, with a total value of $30,031.25. Following the completion of the transaction, the senior vice president now directly owns 61,532 shares of the company’s stock, valued at $476,873. This trade represents a 6.72 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several institutional investors and hedge funds have recently bought and sold shares of GLDD. AlphaQuest LLC bought a new stake in Great Lakes Dredge & Dock during the fourth quarter worth about $33,000. Federated Hermes Inc. boosted its stake in shares of Great Lakes Dredge & Dock by 878.9% in the 4th quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company’s stock valued at $63,000 after purchasing an additional 5,045 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter valued at approximately $69,000. Lazard Asset Management LLC acquired a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter valued at approximately $118,000. Finally, Semanteon Capital Management LP acquired a new stake in Great Lakes Dredge & Dock during the 4th quarter worth approximately $130,000. Institutional investors 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.