Corton Capital Inc. Makes New Investment 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 shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 30,941 shares of the construction company's stock, valued at approximately $269,000. Great Lakes Dredge & Dock makes up 0.9% of Corton Capital Inc.'s portfolio, making the stock its 26th biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of GLDD. Castlekeep Investment Advisors LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $62,958,000. Jennison Associates LLC raised its holdings in Great Lakes Dredge & Dock by 22.7% in the 1st quarter. Jennison Associates LLC now owns 5,310,894 shares of the construction company's stock worth $46,205,000 after acquiring an additional 981,652 shares during the period. JPMorgan Chase & Co. raised its holdings in Great Lakes Dredge & Dock by 259.6% in the 4th quarter. JPMorgan Chase & Co. now owns 820,397 shares of the construction company's stock worth $9,262,000 after acquiring an additional 592,276 shares during the period. Millennium Management LLC raised its holdings in Great Lakes Dredge & Dock by 254.3% in the 4th quarter. Millennium Management LLC now owns 698,071 shares of the construction company's stock worth $7,881,000 after acquiring an additional 501,032 shares during the period. Finally, American Century Companies Inc. raised its holdings in Great Lakes Dredge & Dock by 40.7% in the 4th quarter. American Century Companies Inc. now owns 1,615,591 shares of the construction company's stock worth $18,240,000 after acquiring an additional 467,164 shares during the period. Hedge funds and other institutional investors own 89.11% of the company's stock.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, SVP Eleni Beyko sold 22,579 shares of the business's stock in a transaction dated 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 sale, the senior vice president directly owned 50,138 shares of the company's stock, valued at approximately $514,415.88. The trade was a 31.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ronald Steger sold 5,000 shares of the stock in a transaction dated 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 directly owned 20,404 shares in the company, valued at $236,482.36. The trade was a 19.68% decrease in their position. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock traded down $0.16 during trading hours on Thursday, reaching $11.08. 204,692 shares of the company's stock were exchanged, compared to its average volume of 491,204. The stock has a market capitalization of $752.66 million, a P/E ratio of 10.86, a P/E/G ratio of 0.99 and a beta of 1.30. The company has a quick ratio of 1.20, a current ratio of 1.33 and a debt-to-equity ratio of 0.86. Great Lakes Dredge & Dock Corporation has a fifty-two week low of $7.51 and a fifty-two week high of $12.89. The business has a fifty day moving average price of $11.50 and a 200-day moving average price of $10.32.

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, beating analysts' consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a return on equity of 15.72% and a net margin of 8.63%. The firm had revenue of $242.87 million for the quarter, compared to analysts' expectations of $206.70 million. Analysts predict 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.