Brandywine Global Investment Management LLC Buys Shares of 244,830 Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Brandywine Global Investment Management LLC has purchased 244,830 shares of Great Lakes Dredge & Dock Corporation for approximately $2.13 million, now owning 0.36% of the company.
• Multiple institutional investors, including MIRAE ASSET and HSBC, have increased their stakes in Great Lakes Dredge & Dock during the fourth quarter, highlighting growing interest in the company.
• Analysts have upgraded Great Lakes Dredge & Dock's rating, with Zacks Research issuing a "strong-buy" rating and Wall Street Zen changing their rating from "hold" to "buy."

Brandywine Global Investment Management LLC purchased a new stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 244,830 shares of the construction company's stock, valued at approximately $2,130,000. Brandywine Global Investment Management LLC owned 0.36% of Great Lakes Dredge & Dock at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of GLDD. Castlekeep Investment Advisors LLC bought a new stake in Great Lakes Dredge & Dock in the 4th quarter valued at $62,958,000. Jennison Associates LLC increased 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 buying an additional 981,652 shares during the period. CenterBook Partners LP increased its holdings in Great Lakes Dredge & Dock by 169.2% in the 1st quarter. CenterBook Partners LP now owns 1,121,974 shares of the construction company's stock valued at $9,761,000 after buying an additional 705,159 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, Nuveen LLC bought a new stake in Great Lakes Dredge & Dock in the 1st quarter valued at $3,960,000. Institutional investors own 89.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLDD. Zacks Research raised shares of Great Lakes Dredge & Dock to a "strong-buy" rating in a report on Tuesday, August 12th. Wall Street Zen raised shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a report on Monday, May 19th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus price target of $14.00.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD traded up $0.43 during trading hours on Friday, hitting $11.92. The stock had a trading volume of 420,858 shares, compared to its average volume of 444,829. The company's fifty day moving average is $11.50 and its two-hundred day moving average is $10.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.15 and a quick ratio of 1.02. Great Lakes Dredge & Dock Corporation has a 52 week low of $7.51 and a 52 week high of $12.89. The stock has a market capitalization of $810.56 million, a price-to-earnings ratio of 11.35, a P/E/G ratio of 0.98 and a beta of 1.35.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last posted its earnings results on Tuesday, August 5th. The construction company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.06. The business had revenue of $193.76 million for the quarter, compared to analyst estimates of $177.70 million. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. On average, analysts anticipate that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Insider Transactions at Great Lakes Dredge & Dock

In related news, Director Ronald Steger sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the transaction, the director owned 20,404 shares in the company, valued at $236,482.36. This represents a 19.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

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.