Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up - Time to Buy?

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report) shares 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 changing hands.

Great Lakes Dredge & Dock Price Performance

The business has a fifty day moving average price of $10.15 and a 200 day moving average price of $11.00. The company has a market cap of $588.26 million, a price-to-earnings ratio of 10.41, a PEG ratio of 1.06 and a beta of 1.21. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last posted its 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. The firm had revenue of $202.77 million during the quarter, compared to analysts' expectations 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, research analysts anticipate 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 has approved a share repurchase program on Friday, March 14th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 8.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

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Insider Buying and Selling 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 purchased at an average price 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 approximately $476,873. The trade was a 6.72 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.20% of the company's stock.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

A number of large investors have recently modified their holdings of GLDD. Victory Capital Management Inc. increased its stake in Great Lakes Dredge & Dock by 1.0% during the 3rd quarter. Victory Capital Management Inc. now owns 123,228 shares of the construction company's stock valued at $1,298,000 after purchasing an additional 1,228 shares in the last quarter. Minerva Advisors LLC increased its position in shares of Great Lakes Dredge & Dock by 1.5% during the third quarter. Minerva Advisors LLC now owns 1,341,807 shares of the construction company's stock worth $14,116,000 after acquiring an additional 19,470 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new stake in shares of Great Lakes Dredge & Dock in the 3rd quarter worth about $740,000. Jennison Associates LLC lifted its position in Great Lakes Dredge & Dock by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 4,333,438 shares of the construction company's stock valued at $45,631,000 after acquiring an additional 79,087 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Great Lakes Dredge & Dock during the 3rd quarter valued at about $6,744,000. 89.11% of the stock is currently owned by institutional investors.

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.