Prescott Group Capital Management L.L.C. Buys 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. increased its position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 5.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 576,870 shares of the construction company's stock after buying an additional 30,000 shares during the period. Prescott Group Capital Management L.L.C. owned 0.86% of Great Lakes Dredge & Dock worth $5,019,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC acquired a new position in Great Lakes Dredge & Dock during the first quarter valued at approximately $40,000. Federated Hermes Inc. grew its stake in shares of 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 worth $63,000 after acquiring an additional 5,045 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Great Lakes Dredge & Dock in the fourth quarter worth $118,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Great Lakes Dredge & Dock in the fourth quarter worth $132,000. Finally, Walleye Capital LLC bought a new position in Great Lakes Dredge & Dock in the fourth quarter worth $137,000. Institutional investors and hedge funds own 89.11% of the company's stock.

Insiders Place Their Bets

In related news, Director Ronald Steger sold 5,000 shares of Great Lakes Dredge & Dock 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 completion of the sale, the director directly owned 20,404 shares in the company, valued at $236,482.36. This trade represents a 19.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eleni Beyko sold 22,579 shares of Great Lakes Dredge & Dock stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $10.26, for a total value of $231,660.54. Following the completion of the sale, 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 disclosure for this sale can be found here. Company insiders own 2.00% of the company's stock.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ GLDD traded up $0.02 during midday trading on Tuesday, reaching $11.44. 68,445 shares of the company traded hands, compared to its average volume of 492,498. The firm has a market cap of $777.12 million, a PE ratio of 11.22, a PEG ratio of 1.01 and a beta of 1.30. The stock's 50-day simple moving average is $11.49 and its 200-day simple moving average is $10.31. 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 debt-to-equity ratio of 0.86, a quick ratio of 1.20 and a current ratio of 1.33.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.24. The company had revenue of $242.87 million during the quarter, compared to analysts' expectations of $206.70 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 anticipate that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share 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.

Great Lakes Dredge & Dock Company 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.