Bank of New York Mellon Corp Buys 35,831 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Bank of New York Mellon Corp grew its stake in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 17.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 239,970 shares of the construction company's stock after purchasing an additional 35,831 shares during the period. Bank of New York Mellon Corp owned about 0.36% of Great Lakes Dredge & Dock worth $2,709,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC grew its holdings in Great Lakes Dredge & Dock by 1.9% during the third quarter. Jennison Associates LLC now owns 4,333,438 shares of the construction company's stock worth $45,631,000 after buying an additional 79,087 shares in the last quarter. Harvey Partners LLC grew its stake in shares of Great Lakes Dredge & Dock by 9.8% in the 3rd quarter. Harvey Partners LLC now owns 3,647,500 shares of the construction company's stock worth $38,408,000 after acquiring an additional 325,500 shares in the last quarter. TCW Group Inc. raised its holdings in shares of Great Lakes Dredge & Dock by 5.0% in the third quarter. TCW Group Inc. now owns 2,095,834 shares of the construction company's stock valued at $22,069,000 after purchasing an additional 99,696 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Great Lakes Dredge & Dock by 1.4% during the third 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 during the last quarter. Finally, State Street Corp grew its position in Great Lakes Dredge & Dock by 0.9% in the 3rd quarter. State Street Corp now owns 1,540,516 shares of the construction company's stock worth $16,222,000 after purchasing an additional 13,010 shares in the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Activity at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten acquired 3,875 shares of Great Lakes Dredge & Dock stock in a transaction on 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 acquisition, the senior vice president now owns 61,532 shares in the company, valued at approximately $476,873. This trade represents a 6.72 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.20% of the stock is owned by company insiders.

Great Lakes Dredge & Dock Stock Performance

Shares of NASDAQ GLDD traded up $0.11 during midday trading on Monday, reaching $9.22. The company's stock had a trading volume of 313,896 shares, compared to its average volume of 429,751. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. The stock has a market capitalization of $620.35 million, a P/E ratio of 10.98, a PEG ratio of 1.06 and a beta of 1.21. The firm has a 50 day moving average price of $9.98 and a 200-day moving average price of $10.98. Great Lakes Dredge & Dock Co. has a 12-month low of $6.55 and a 12-month high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $202.77 million during the quarter, compared to the consensus estimate of $211.20 million. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. As a group, equities analysts predict 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 authorized a stock repurchase program on Friday, March 14th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

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.