TCW Group Inc. Acquires 82,700 Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

Key Points

• TCW Group Inc. increased its stake in Great Lakes Dredge & Dock Corporation by 4.0%, now owning 2,153,534 shares worth approximately $18.7 million.
• Analyst upgrades include a shift from a "hold" rating to a "buy" rating by Wall Street Zen on May 19th.
• The company reported $0.49 earnings per share for the quarter, significantly surpassing analysts' expectations of $0.25.

TCW Group Inc. increased its holdings in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 4.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,153,534 shares of the construction company's stock after purchasing an additional 82,700 shares during the quarter. TCW Group Inc. owned 3.20% of Great Lakes Dredge & Dock worth $18,736,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLDD. GAMMA Investing LLC increased its position in Great Lakes Dredge & Dock by 800.5% in the first quarter. GAMMA Investing LLC now owns 16,965 shares of the construction company's stock worth $148,000 after buying an additional 15,081 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Great Lakes Dredge & Dock by 14.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,724 shares of the construction company's stock valued at $2,752,000 after purchasing an additional 30,394 shares during the period. Quantbot Technologies LP boosted its position in shares of Great Lakes Dredge & Dock by 29.8% in the 4th quarter. Quantbot Technologies LP now owns 19,429 shares of the construction company's stock valued at $219,000 after purchasing an additional 4,456 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter valued at $2,322,000. Finally, JPMorgan Chase & Co. boosted its position in shares of 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 valued at $9,262,000 after purchasing an additional 592,276 shares during the period. Institutional investors and hedge funds own 89.11% of the company's stock.

Great Lakes Dredge & Dock Stock Down 1.4%

NASDAQ GLDD traded down $0.16 during trading on Thursday, reaching $11.08. 201,652 shares of the company's stock were exchanged, compared to its average volume of 491,125. Great Lakes Dredge & Dock Corporation has a fifty-two week low of $7.51 and a fifty-two week high of $12.89. The firm has a market capitalization of $752.66 million, a PE ratio of 10.86, a P/E/G ratio of 0.99 and a beta of 1.30. The company has a current ratio of 1.33, a quick ratio of 1.20 and a debt-to-equity ratio of 0.86. The company's fifty day simple moving average is $11.50 and its 200-day simple moving average is $10.32.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last posted 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. Great Lakes Dredge & Dock had a return on equity of 15.72% and a net margin of 8.63%. The company had revenue of $242.87 million during the quarter, compared to the consensus estimate of $206.70 million. Sell-side analysts predict that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

Insider Transactions at Great Lakes Dredge & Dock

In related news, SVP Eleni Beyko sold 22,579 shares of the firm's stock in a transaction that occurred 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 directly owned 50,138 shares of the company's stock, valued at approximately $514,415.88. This trade represents a 31.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald Steger sold 5,000 shares of the firm'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 directly owned 20,404 shares in the company, valued at $236,482.36. The trade was a 19.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

Analyst Ratings Changes

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

About Great Lakes Dredge & Dock

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.