Castlekeep Investment Advisors LLC Makes New Investment in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Castlekeep Investment Advisors LLC acquired a new stake in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 489,029 shares of the construction company's stock, valued at approximately $5,521,000. Great Lakes Dredge & Dock accounts for approximately 0.9% of Castlekeep Investment Advisors LLC's holdings, making the stock its 23rd largest holding. Castlekeep Investment Advisors LLC owned 0.73% of Great Lakes Dredge & Dock as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GLDD. AlphaQuest LLC acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter valued at about $33,000. Federated Hermes Inc. lifted its position in shares of Great Lakes Dredge & Dock by 878.9% during 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 in the last quarter. R Squared Ltd purchased a new stake in Great Lakes Dredge & Dock during the 4th quarter worth $69,000. Lazard Asset Management LLC purchased a new position in Great Lakes Dredge & Dock in the 4th quarter valued at about $118,000. Finally, Semanteon Capital Management LP acquired a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth about $130,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

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 note on Monday, May 19th.

Great Lakes Dredge & Dock Stock Performance

GLDD traded up $0.13 during trading hours on Thursday, hitting $11.24. 198,200 shares of the stock were exchanged, compared to its average volume of 499,874. The stock has a 50-day simple moving average of $9.55 and a 200-day simple moving average of $10.46. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. Great Lakes Dredge & Dock Co. has a 12 month low of $7.51 and a 12 month high of $12.89. The stock has a market cap of $763.49 million, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 1.06 and a beta of 1.23.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The construction company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.24. The firm had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. Analysts anticipate 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 has authorized a stock repurchase program on Friday, March 14th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Christopher Gunsten bought 3,875 shares of Great Lakes Dredge & Dock stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost of $7.75 per share, with a total value of $30,031.25. Following the purchase, the senior vice president now directly owns 61,532 shares of the company's stock, valued at approximately $476,873. This trade represents a 6.72% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Eleni Beyko sold 22,579 shares of Great Lakes Dredge & Dock stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $10.26, for a total value of $231,660.54. Following the sale, the senior vice president now directly owns 50,138 shares in the company, valued at approximately $514,415.88. This trade represents a 31.05% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.20% of the company's stock.

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.