Acuitas Investments LLC Acquires 62,653 Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

Acuitas Investments LLC lifted its position in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 17.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 423,234 shares of the construction company's stock after acquiring an additional 62,653 shares during the quarter. Great Lakes Dredge & Dock accounts for approximately 3.1% of Acuitas Investments LLC's portfolio, making the stock its 10th largest holding. Acuitas Investments LLC owned about 0.63% of Great Lakes Dredge & Dock worth $3,682,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GLDD. AlphaQuest LLC purchased a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $33,000. GAMMA Investing LLC boosted its holdings in Great Lakes Dredge & Dock by 800.5% during the first quarter. GAMMA Investing LLC now owns 16,965 shares of the construction company's stock worth $148,000 after buying an additional 15,081 shares in the last quarter. New York State Common Retirement Fund grew its position in 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 worth $167,000 after buying an additional 5,800 shares during the period. Quantbot Technologies LP grew its position in Great Lakes Dredge & Dock by 29.8% during the fourth quarter. Quantbot Technologies LP now owns 19,429 shares of the construction company's stock worth $219,000 after buying an additional 4,456 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Great Lakes Dredge & Dock in the 4th quarter valued at approximately $2,322,000. 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 $0.05 on Friday, hitting $12.01. The company's stock had a trading volume of 283,161 shares, compared to its average volume of 485,051. The company has a market capitalization of $815.50 million, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.05 and a beta of 1.30. Great Lakes Dredge & Dock Corporation has a 52-week low of $7.51 and a 52-week high of $12.89. The firm has a fifty day moving average price of $11.17 and a 200-day moving average price of $10.34. The company has a quick ratio of 1.20, a current ratio of 1.33 and a debt-to-equity ratio of 0.86.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The construction company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.25 by $0.24. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.72%. The business had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. On average, equities research analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Great Lakes Dredge & Dock announced that its Board of Directors has approved a share repurchase 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 typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research report on Monday, May 19th.

Insiders Place Their Bets

In related news, Director Ronald Steger sold 5,000 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total transaction of $57,950.00. Following the sale, the director owned 20,404 shares of the company's stock, valued at $236,482.36. This trade represents a 19.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eleni Beyko sold 22,579 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $10.26, for a total transaction of $231,660.54. Following the completion of the transaction, the senior vice president directly owned 50,138 shares of the company's stock, valued at $514,415.88. The trade was a 31.05% decrease in their position. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate 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.