Bank of America Corp DE Cuts Stake in Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Bank of America cut its Great Lakes Dredge & Dock stake by 47.6% in the first quarter, selling 158,251 shares and retaining 173,986 shares worth approximately $2.96 million.
• Other institutional investors generally increased or initiated positions, with hedge funds and institutions collectively owning 89.11% of GLDD.
• GLDD opened at $17.00, near its one-year high of $17.02, and has a $1.14 billion market capitalization with a price-to-earnings ratio of 15.89.

Bank of America Corp DE cut its stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 47.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 173,986 shares of the construction company's stock after selling 158,251 shares during the period. Bank of America Corp DE owned approximately 0.26% of Great Lakes Dredge & Dock worth $2,958,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GLDD. Farther Finance Advisors LLC grew its position in Great Lakes Dredge & Dock by 231.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,111 shares of the construction company's stock valued at $28,000 after acquiring an additional 1,474 shares during the period. Parallel Advisors LLC lifted its stake in shares of Great Lakes Dredge & Dock by 39.0% in the 1st quarter. Parallel Advisors LLC now owns 2,304 shares of the construction company's stock valued at $39,000 after purchasing an additional 647 shares in the last quarter. Strs Ohio purchased a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth about $45,000. Bogart Wealth LLC purchased a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth about $51,000. Finally, Federated Hermes Inc. increased its position in Great Lakes Dredge & Dock by 43.5% during the 2nd quarter. Federated Hermes Inc. now owns 4,965 shares of the construction company's stock worth $61,000 after purchasing an additional 1,505 shares in the last quarter. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Stock Performance

NASDAQ GLDD opened at $17.00 on Tuesday. Great Lakes Dredge & Dock Corporation has a one year low of $8.80 and a one year high of $17.02. The company's 50 day moving average price is $17.00 and its 200 day moving average price is $16.45. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.01. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 1.26 and a beta of 1.38.

Great Lakes Dredge & Dock Profile

Great Lakes Dredge & Dock Corporation NASDAQ: GLDD is a leading provider of dredging and maritime construction services in the United States. The company specializes in the excavation and removal of sediment from waterways, harbors, ports and coastal areas to maintain navigability and support commercial shipping. Its operations encompass both maintenance dredging—removing accumulated material to restore channel depth—and new work projects such as land reclamation and harbor deepening.

In addition to traditional dredging, Great Lakes Dredge & Dock offers a range of complementary marine construction services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.