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

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) announced that its board has authorized a stock buyback plan 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 repurchase up to 8.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Great Lakes Dredge & Dock Stock Up 2.4 %

Great Lakes Dredge & Dock stock traded up $0.21 during trading hours on Tuesday, hitting $8.91. 502,000 shares of the stock traded hands, compared to its average volume of 425,644. The firm's 50-day moving average price is $10.15 and its two-hundred day moving average price is $11.00. 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 company has a market cap of $599.49 million, a PE ratio of 10.61, a PEG ratio of 1.06 and a beta of 1.21. Great Lakes Dredge & Dock has a one year low of $6.55 and a one year high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. The firm had revenue of $202.77 million for the quarter, compared to analysts' expectations of $211.20 million. On average, research analysts forecast that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

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Insider Transactions at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten acquired 3,875 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the acquisition, the senior vice president now directly owns 61,532 shares in the company, valued at approximately $476,873. The trade was a 6.72 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.20% 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.