American Century Companies Inc. Purchases 355,184 Shares of Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• American Century Companies Inc. increased its stake in Great Lakes Dredge & Dock Corporation by 22.0% to own approximately 2.90% of the company, totaling around $17.1 million after acquiring 355,184 shares.
• Great Lakes Dredge & Dock received favorable ratings upgrades, with Wall Street Zen changing its rating from "hold" to "buy" and Zacks Research issuing a "strong-buy" rating, reflecting a generally positive outlook.
• The company's recent earnings report surpassed analysts' expectations, showing a profit of $0.14 EPS on revenues of $193.76 million, indicating strong financial performance.

American Century Companies Inc. raised its stake in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 22.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,970,775 shares of the construction company's stock after buying an additional 355,184 shares during the period. American Century Companies Inc. owned approximately 2.90% of Great Lakes Dredge & Dock worth $17,146,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Byrne Asset Management LLC acquired a new position in Great Lakes Dredge & Dock during the 1st quarter valued at about $40,000. Lazard Asset Management LLC acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter worth approximately $118,000. XTX Topco Ltd acquired a new position in shares of Great Lakes Dredge & Dock in the first quarter worth about $130,000. Walleye Capital LLC acquired a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth about $137,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Great Lakes Dredge & Dock by 800.5% in 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 during the period. Institutional investors and hedge funds own 89.11% of the company's stock.

Insider Activity at Great Lakes Dredge & Dock

In other news, Director Ronald Steger sold 5,000 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total value of $57,950.00. Following the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GLDD. Zacks Research upgraded shares of Great Lakes Dredge & Dock to a "strong-buy" rating in a report on Tuesday, August 12th. Wall Street Zen upgraded 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 given a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average price target of $14.00.

Great Lakes Dredge & Dock Stock Down 2.5%

Shares of GLDD stock traded down $0.30 during trading on Friday, hitting $11.64. 135,983 shares of the company were exchanged, compared to its average volume of 483,615. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.15. The firm has a market capitalization of $791.52 million, a price-to-earnings ratio of 11.09, a P/E/G ratio of 0.97 and a beta of 1.35. The business's 50-day simple moving average is $11.51 and its 200 day simple moving average is $10.31. Great Lakes Dredge & Dock Corporation has a twelve month low of $7.51 and a twelve month high of $12.89.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.06. The firm had revenue of $193.76 million during the quarter, compared to analysts' expectations of $177.70 million. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.61%. As a group, analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

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.