Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) declared that its board has authorized a share repurchase plan on Friday, March 14th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Great Lakes Dredge & Dock Stock Up 0.6 %
Shares of NASDAQ:GLDD traded up $0.05 during midday trading on Monday, hitting $8.70. 552,440 shares of the company's stock were exchanged, compared to its average volume of 425,339. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. Great Lakes Dredge & Dock has a 12 month low of $6.55 and a 12 month high of $12.89. The company has a market cap of $585.36 million, a PE ratio of 10.36, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21. The stock has a 50 day moving average price of $10.15 and a 200-day moving average price of $11.00.
Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $211.20 million. On average, sell-side analysts anticipate that Great Lakes Dredge & Dock will post 0.69 EPS for the current fiscal year.
Insider Buying and Selling
In other news, SVP Christopher Gunsten purchased 3,875 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were bought 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 directly owns 61,532 shares of the company's stock, valued at approximately $476,873. This trade represents a 6.72 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is currently owned by corporate insiders.
About Great Lakes Dredge & Dock
(
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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.
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