Corton Capital Inc. Takes $269,000 Position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

Key Points

• Corton Capital Inc. invested approximately $269,000 in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), acquiring 30,941 shares, making it Corton Capital's 26th largest position.
• Numerous institutional investors have increased their stakes in GLDD, with notable investments from Raymond James and American Century Companies, collectively owning over 89% of the stock.
• Great Lakes Dredge & Dock reported a quarterly earnings per share of $0.49, surpassing analyst expectations and has been upgraded from a "hold" to a "buy" rating by Wall Street Zen.

Corton Capital Inc. bought a new stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 30,941 shares of the construction company's stock, valued at approximately $269,000. Great Lakes Dredge & Dock comprises about 0.9% of Corton Capital Inc.'s holdings, making the stock its 26th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC bought a new position in shares of Great Lakes Dredge & Dock during the 1st quarter worth approximately $40,000. Federated Hermes Inc. increased its stake in shares of Great Lakes Dredge & Dock by 878.9% in the 4th quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company's stock valued at $63,000 after buying an additional 5,045 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Great Lakes Dredge & Dock during the fourth quarter worth $118,000. KLP Kapitalforvaltning AS bought a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $132,000. Finally, Walleye Capital LLC bought a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $137,000. Institutional investors and hedge funds own 89.11% of the company's stock.

Great Lakes Dredge & Dock Stock Down 0.2%

GLDD traded down $0.02 on Tuesday, hitting $11.40. 262,026 shares of the company were exchanged, compared to its average volume of 383,866. Great Lakes Dredge & Dock Corporation has a 12 month low of $7.51 and a 12 month high of $12.89. The company has a market cap of $774.40 million, a PE ratio of 11.18, a PEG ratio of 0.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.20 and a current ratio of 1.33. The stock's fifty day moving average is $11.49 and its 200-day moving average is $10.31.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, Director Ronald Steger sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the transaction, the director owned 20,404 shares in the company, valued at $236,482.36. This represents a 19.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Eleni Beyko sold 22,579 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $10.26, for a total value of $231,660.54. Following the transaction, the senior vice president owned 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. Insiders own 2.00% 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.