Norges Bank Purchases New Shares in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Norges Bank acquired a new position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 83,800 shares of the construction company's stock, valued at approximately $946,000. Norges Bank owned 0.12% of Great Lakes Dredge & Dock as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. AlphaQuest LLC purchased a new position in Great Lakes Dredge & Dock during the fourth quarter valued at approximately $33,000. R Squared Ltd bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter valued at $69,000. Semanteon Capital Management LP purchased a new position in shares of Great Lakes Dredge & Dock during the 4th quarter valued at $130,000. KLP Kapitalforvaltning AS bought a new position in Great Lakes Dredge & Dock in the 4th quarter worth $132,000. Finally, Passumpsic Savings Bank purchased a new stake in Great Lakes Dredge & Dock in the 4th quarter worth $135,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Price Performance

Shares of Great Lakes Dredge & Dock stock traded up $0.06 during trading hours on Thursday, hitting $8.78. The company's stock had a trading volume of 71,173 shares, compared to its average volume of 456,394. The company has a market cap of $591.23 million, a PE ratio of 10.45, a PEG ratio of 1.06 and a beta of 1.17. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21. The business has a 50 day moving average price of $8.86 and a two-hundred day moving average price of $10.79. 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 posted its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $202.77 million during the quarter, compared to the consensus estimate of $211.20 million. Analysts expect that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current fiscal year.

Great Lakes Dredge & Dock declared that its Board of Directors has approved a share 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 repurchase up to 8.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten acquired 3,875 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $7.75 per share, with a total value of $30,031.25. Following the acquisition, the senior vice president now directly owns 61,532 shares of the company's stock, valued at approximately $476,873. The trade was a 6.72 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.00% of the stock is currently owned by insiders.

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.