Millennium Management LLC Increases Stock Holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Millennium Management LLC raised its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 254.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 698,071 shares of the construction company's stock after buying an additional 501,032 shares during the quarter. Millennium Management LLC owned about 1.04% of Great Lakes Dredge & Dock worth $7,881,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. AlphaQuest LLC acquired a new position in Great Lakes Dredge & Dock in the fourth quarter valued at about $33,000. Federated Hermes Inc. lifted its position in Great Lakes Dredge & Dock by 878.9% in the fourth 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 last quarter. R Squared Ltd acquired a new position in Great Lakes Dredge & Dock in the fourth quarter valued at about $69,000. Lazard Asset Management LLC acquired a new position in Great Lakes Dredge & Dock in the fourth quarter valued at about $118,000. Finally, Semanteon Capital Management LP acquired a new position in Great Lakes Dredge & Dock in the fourth quarter valued at about $130,000. Institutional investors and hedge funds own 89.11% of the company's stock.

Analysts Set New Price Targets

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 Buying and Selling

In other news, SVP Christopher Gunsten bought 3,875 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the purchase, the senior vice president now owns 61,532 shares of the company's stock, valued at approximately $476,873. This represents a 6.72% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Eleni Beyko sold 22,579 shares of the company'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 transaction of $231,660.54. Following the sale, the senior vice president now owns 50,138 shares in the company, valued at $514,415.88. The trade was a 31.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.20% of the company's stock.

Great Lakes Dredge & Dock Stock Down 0.8%

Shares of GLDD traded down $0.09 during mid-day trading on Friday, hitting $11.20. 613,163 shares of the company's stock were exchanged, compared to its average volume of 473,635. The company has a market cap of $760.77 million, a price-to-earnings ratio of 13.33, a P/E/G ratio of 1.06 and a beta of 1.23. Great Lakes Dredge & Dock Co. has a fifty-two week low of $7.51 and a fifty-two week high of $12.89. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21. The stock's 50-day moving average is $9.63 and its 200-day moving average is $10.43.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.24. The business had revenue of $242.87 million for the quarter, compared to analysts' expectations of $206.70 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. On average, sell-side analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current fiscal year.

Great Lakes Dredge & Dock declared that its Board of Directors has approved a stock buyback plan on Friday, March 14th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

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.