Prescott Group Capital Management L.L.C. Purchases 30,000 Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

Key Points

• Prescott Group Capital Management L.L.C. acquired an additional 30,000 shares of Great Lakes Dredge & Dock Corporation in the first quarter, increasing its total ownership to approximately 576,870 shares valued at $5,019,000.
• Great Lakes Dredge & Dock reported earnings of $0.49 per share for the latest quarter, surpassing analysts' expectations and achieving revenues of $242.87 million.
• The stock's market capitalization stands at $773.04 million, with a P/E ratio of 11.16 and institutional investors holding 89.11% of the company's shares.

Prescott Group Capital Management L.L.C. grew its position in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 576,870 shares of the construction company's stock after acquiring an additional 30,000 shares during the quarter. Prescott Group Capital Management L.L.C. owned about 0.86% of Great Lakes Dredge & Dock worth $5,019,000 as of its most recent filing with the Securities & Exchange Commission.

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

Great Lakes Dredge & Dock Trading Down 0.2%

Shares of Great Lakes Dredge & Dock stock opened at $11.38 on Friday. The stock has a fifty day simple moving average of $11.47 and a 200 day simple moving average of $10.32. Great Lakes Dredge & Dock Corporation has a 12-month low of $7.51 and a 12-month high of $12.89. The company has a market capitalization of $773.04 million, a P/E ratio of 11.16, a price-to-earnings-growth 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.

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 (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $242.87 million during the quarter, compared to the consensus estimate of $206.70 million. On average, sell-side analysts anticipate that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

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 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 owned 50,138 shares of the company's stock, valued at approximately $514,415.88. The trade was a 31.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald Steger sold 5,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was 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 approximately $236,482.36. This represents a 19.68% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company's stock.

Analyst Upgrades and Downgrades

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 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.

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