Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up Following Better-Than-Expected Earnings

Great Lakes Dredge & Dock Co. (NASDAQ:GLDDGet Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $9.54, but opened at $10.74. Great Lakes Dredge & Dock shares last traded at $10.28, with a volume of 198,996 shares traded.

The construction company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. The business had revenue of $242.87 million for the quarter, compared to analysts’ expectations of $206.70 million.

Great Lakes Dredge & Dock announced that its Board of Directors has initiated a stock buyback program on Friday, March 14th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the construction company to purchase up to 8.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Great Lakes Dredge & Dock

In related news, SVP Christopher Gunsten bought 3,875 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the acquisition, the senior vice president now directly owns 61,532 shares in the company, valued at approximately $476,873. This represents a 6.72 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Great Lakes Dredge & Dock

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLDD. Castlekeep Investment Advisors LLC acquired a new position in Great Lakes Dredge & Dock in the 4th quarter valued at $62,958,000. Jennison Associates LLC raised its holdings in Great Lakes Dredge & Dock by 22.7% in the 1st quarter. Jennison Associates LLC now owns 5,310,894 shares of the construction company’s stock valued at $46,205,000 after acquiring an additional 981,652 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Great Lakes Dredge & Dock by 259.6% during the fourth quarter. JPMorgan Chase & Co. now owns 820,397 shares of the construction company’s stock valued at $9,262,000 after purchasing an additional 592,276 shares during the period. Millennium Management LLC increased its holdings in Great Lakes Dredge & Dock by 254.3% in the 4th quarter. Millennium Management LLC now owns 698,071 shares of the construction company’s stock valued at $7,881,000 after buying an additional 501,032 shares during the period. Finally, American Century Companies Inc. raised its position in Great Lakes Dredge & Dock by 40.7% in the fourth quarter. American Century Companies Inc. now owns 1,615,591 shares of the construction company’s stock worth $18,240,000 after purchasing an additional 467,164 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

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 stock has a fifty day moving average price of $8.74 and a 200-day moving average price of $10.55. The firm has a market capitalization of $664.85 million, a price-to-earnings ratio of 11.75, a PEG ratio of 1.06 and a beta of 1.23.

About Great Lakes Dredge & Dock

(Get Free Report)

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.

Further Reading

Receive News & Ratings for Great Lakes Dredge & Dock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Great Lakes Dredge & Dock and related companies with MarketBeat.com's FREE daily email newsletter.