Jennison Associates LLC Acquires 981,652 Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

Jennison Associates LLC raised its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 22.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,310,894 shares of the construction company's stock after buying an additional 981,652 shares during the period. Jennison Associates LLC owned about 7.88% of Great Lakes Dredge & Dock worth $46,205,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GLDD. Proficio Capital Partners LLC acquired a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at about $220,000. Raymond James Financial Inc. acquired a new stake in Great Lakes Dredge & Dock during the fourth quarter worth approximately $2,322,000. AlphaQuest LLC acquired a new stake in Great Lakes Dredge & Dock during the fourth quarter worth approximately $33,000. Thrivent Financial for Lutherans acquired a new position in shares of Great Lakes Dredge & Dock in the 4th quarter valued at $1,069,000. Finally, Intech Investment Management LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 130.8% during the 4th quarter. Intech Investment Management LLC now owns 34,514 shares of the construction company's stock valued at $390,000 after acquiring an additional 19,559 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Transactions at Great Lakes Dredge & Dock

In related news, SVP Eleni Beyko sold 22,579 shares of the stock in a transaction dated Tuesday, May 6th. The shares were 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 owned 50,138 shares in the company, valued at $514,415.88. This trade represents a 31.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ronald Steger sold 5,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the completion of the sale, the director owned 20,404 shares of the company's stock, 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 company insiders.

Great Lakes Dredge & Dock Trading Down 1.8%

Shares of GLDD stock traded down $0.20 during trading hours on Friday, reaching $11.16. 409,112 shares of the stock traded hands, compared to its average volume of 484,714. Great Lakes Dredge & Dock Corporation has a 1-year low of $7.51 and a 1-year high of $12.89. The business has a fifty day moving average price of $11.47 and a 200 day moving average price of $10.31. The company has a quick ratio of 1.20, a current ratio of 1.33 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $758.05 million, a PE ratio of 10.94, a PEG ratio of 0.97 and a beta of 1.30.

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 EPS for the quarter, topping the consensus estimate of $0.25 by $0.24. The company 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 8.63% and a return on equity of 15.72%. On average, equities research analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current year.

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.