Bank of America Corp DE Increases Stock Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Bank of America Corp DE grew its holdings in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 39.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 161,186 shares of the construction company's stock after acquiring an additional 45,810 shares during the period. Bank of America Corp DE owned about 0.24% of Great Lakes Dredge & Dock worth $1,820,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. AlphaQuest LLC bought a new position in Great Lakes Dredge & Dock during the fourth quarter worth $33,000. Federated Hermes Inc. grew its holdings in Great Lakes Dredge & Dock by 878.9% in the fourth quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company's stock worth $63,000 after purchasing an additional 5,045 shares during the period. Semanteon Capital Management LP acquired a new stake in Great Lakes Dredge & Dock in the fourth quarter worth $130,000. KLP Kapitalforvaltning AS acquired a new stake in Great Lakes Dredge & Dock in the fourth quarter worth $132,000. Finally, Passumpsic Savings Bank acquired a new stake in Great Lakes Dredge & Dock in the fourth quarter worth $135,000. Institutional investors own 89.11% of the company's stock.

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, Director Ronald Steger sold 5,000 shares of the business's 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 completion of the transaction, the director now owns 20,404 shares of the company's stock, valued at $236,482.36. The trade was a 19.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Eleni Beyko sold 22,579 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was 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 now owns 50,138 shares of the company's stock, valued at $514,415.88. This trade represents a 31.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

Great Lakes Dredge & Dock Stock Down 0.4%

Shares of Great Lakes Dredge & Dock stock traded down $0.05 during trading hours on Thursday, reaching $11.52. The company's stock had a trading volume of 471,040 shares, compared to its average volume of 474,221. Great Lakes Dredge & Dock Co. has a one year low of $7.51 and a one year high of $12.89. The company has a market capitalization of $782.51 million, a P/E ratio of 13.71, a P/E/G ratio of 1.06 and a beta of 1.23. The stock's fifty day simple moving average is $9.73 and its two-hundred day simple moving average is $10.43. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21.

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 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. The company had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. On average, research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current year.

Great Lakes Dredge & Dock announced that its Board of Directors has approved a stock buyback plan on Friday, March 14th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 8.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Great Lakes Dredge & Dock 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.