Mirabaud & Cie SA Invests $209,000 in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

Key Points

• Mirabaud & Cie SA has acquired a new position of **24,000 shares** in Great Lakes Dredge & Dock, valued at approximately **$209,000** during the first quarter of the year.
• Great Lakes Dredge & Dock's stock saw a **5% decline**, trading at **$10.53** per share, amidst a backdrop of significant insider selling by director Ronald Steger and SVP Eleni Beyko.
• Wall Street Zen recently upgraded the company's rating from **"hold"** to **"buy"**, reflecting a positive outlook on Great Lakes Dredge & Dock's performance.

Mirabaud & Cie SA bought a new position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 24,000 shares of the construction company's stock, valued at approximately $209,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Byrne Asset Management LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the 1st quarter worth $40,000. Federated Hermes Inc. lifted its holdings 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 worth $63,000 after buying an additional 5,045 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter worth $118,000. XTX Topco Ltd purchased a new stake in shares of Great Lakes Dredge & Dock in the 1st quarter worth $130,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter worth $132,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Insider Activity at Great Lakes Dredge & Dock

In other news, Director Ronald Steger sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total value of $57,950.00. Following the sale, the director owned 20,404 shares in the company, valued at $236,482.36. This represents a 19.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by insiders.

Great Lakes Dredge & Dock Stock Performance

Great Lakes Dredge & Dock stock traded up $1.19 during trading hours on Tuesday, hitting $11.82. 377,774 shares of the stock traded hands, compared to its average volume of 492,715. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.33 and a quick ratio of 1.20. The firm's 50 day moving average price is $11.50 and its 200-day moving average price is $10.29. The stock has a market capitalization of $802.75 million, a price-to-earnings ratio of 11.61, a P/E/G ratio of 0.92 and a beta of 1.35. Great Lakes Dredge & Dock Corporation has a 1 year low of $7.51 and a 1 year high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The construction company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.06. The business had revenue of $193.76 million for the quarter, compared to the consensus estimate of $177.70 million. Great Lakes Dredge & Dock had a return on equity of 15.72% and a net margin of 8.63%. As a group, equities analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised 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.