Alliancebernstein L.P. Decreases Stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Alliancebernstein L.P. decreased its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 26.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,866,123 shares of the construction company's stock after selling 1,022,832 shares during the quarter. Alliancebernstein L.P. owned approximately 4.26% of Great Lakes Dredge & Dock worth $32,359,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of GLDD. Arrowstreet Capital Limited Partnership lifted its holdings in Great Lakes Dredge & Dock by 681.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 318,600 shares of the construction company's stock valued at $3,597,000 after acquiring an additional 277,848 shares during the last quarter. Norges Bank purchased a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at $946,000. JPMorgan Chase & Co. lifted its stake in shares of Great Lakes Dredge & Dock by 259.6% in the 4th quarter. JPMorgan Chase & Co. now owns 820,397 shares of the construction company's stock valued at $9,262,000 after purchasing an additional 592,276 shares during the last quarter. WINTON GROUP Ltd grew its holdings in shares of Great Lakes Dredge & Dock by 98.6% during the 4th quarter. WINTON GROUP Ltd now owns 55,371 shares of the construction company's stock worth $625,000 after purchasing an additional 27,495 shares during the period. Finally, Prudential Financial Inc. acquired a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth about $918,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Insiders Place Their Bets

In other news, SVP Christopher Gunsten acquired 3,875 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost 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 of the company's stock, valued at $476,873. This represents a 6.72 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.20% of the stock is owned by insiders.

Great Lakes Dredge & Dock Trading Up 2.2 %

GLDD traded up $0.19 on Friday, hitting $8.88. The company had a trading volume of 361,869 shares, compared to its average volume of 452,093. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97. The firm has a market cap of $598.17 million, a P/E ratio of 10.57, a PEG ratio of 1.06 and a beta of 1.17. The company's fifty day moving average price is $9.01 and its 200 day moving average price is $10.83. Great Lakes Dredge & Dock Co. has a 1 year low of $6.55 and a 1 year high of $12.89.

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

Great Lakes Dredge & Dock announced that its Board of Directors has initiated a share buyback 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 repurchase up to 8.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

About Great Lakes Dredge & Dock

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.