Teacher Retirement System of Texas Has $1.30 Million Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Teacher Retirement System of Texas increased its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 188.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 115,183 shares of the construction company's stock after buying an additional 75,191 shares during the quarter. Teacher Retirement System of Texas owned 0.17% of Great Lakes Dredge & Dock worth $1,300,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AlphaQuest LLC acquired a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth approximately $33,000. R Squared Ltd acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter valued at $69,000. Passumpsic Savings Bank acquired a new stake in Great Lakes Dredge & Dock during the fourth quarter valued at approximately $135,000. Point72 Asset Management L.P. acquired a new stake in Great Lakes Dredge & Dock in the 3rd quarter valued at $147,000. Finally, New York State Common Retirement Fund lifted its holdings in shares of Great Lakes Dredge & Dock by 64.8% during the fourth quarter. New York State Common Retirement Fund now owns 14,753 shares of the construction company's stock valued at $167,000 after acquiring an additional 5,800 shares during the period. 89.11% of the stock is currently owned by institutional investors.

Great Lakes Dredge & Dock Price Performance

NASDAQ:GLDD traded up $0.07 on Tuesday, reaching $8.77. The stock had a trading volume of 193,153 shares, compared to its average volume of 444,395. The stock has a fifty day moving average price of $9.64 and a 200-day moving average price of $10.97. Great Lakes Dredge & Dock Co. has a 1-year low of $6.55 and a 1-year high of $12.89. The company has a market capitalization of $590.76 million, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97.

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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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.06. The business had revenue of $202.77 million for the quarter, compared to the consensus estimate of $211.20 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. Research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

Great Lakes Dredge & Dock announced that its board has approved a share repurchase program on Friday, March 14th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insider Activity at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten acquired 3,875 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the transaction, the senior vice president now directly owns 61,532 shares in the company, valued at $476,873. This trade represents a 6.72 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by company 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.