Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group Inc. has reduced its holdings in Great Lakes Dredge & Dock Corporation by 6.3%, selling 76,315 shares, and now owns approximately 1.70% of the company.
• Great Lakes Dredge & Dock received an upgrade from a "hold" to a "buy" rating by Wall Street Zen, indicating positive growth expectations for the company.
• The company reported strong quarterly earnings, with an EPS of $0.49, significantly beating analysts' expectations and showing a revenue increase to $242.87 million.

Private Management Group Inc. cut its holdings in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 6.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,142,542 shares of the construction company's stock after selling 76,315 shares during the period. Private Management Group Inc. owned about 1.70% of Great Lakes Dredge & Dock worth $9,940,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Castlekeep Investment Advisors LLC purchased a new position in shares of Great Lakes Dredge & Dock during the fourth quarter worth about $62,958,000. Jennison Associates LLC grew 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 worth $46,205,000 after purchasing an additional 981,652 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Great Lakes Dredge & Dock by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,443,586 shares of the construction company's stock worth $50,168,000 after purchasing an additional 22,370 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Great Lakes Dredge & Dock by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 3,877,588 shares of the construction company's stock worth $43,778,000 after purchasing an additional 27,610 shares during the last quarter. Finally, American Century Companies Inc. grew 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 worth $18,240,000 after purchasing an additional 467,164 shares during the last quarter. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Great Lakes Dredge & Dock

In related news, SVP Eleni Beyko sold 22,579 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were 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 in the company, valued at $514,415.88. This trade represents a 31.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 approximately $236,482.36. The trade was a 19.68% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Great Lakes Dredge & Dock Stock Performance

Shares of NASDAQ GLDD traded down $0.02 during midday trading on Tuesday, reaching $11.40. 55,464 shares of the company were exchanged, compared to its average volume of 492,418. 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 Corporation has a 1 year low of $7.51 and a 1 year high of $12.89. The stock has a fifty day simple moving average of $11.49 and a 200 day simple moving average of $10.31. The stock has a market cap of $774.40 million, a P/E ratio of 11.17, a PEG ratio of 1.01 and a beta of 1.30.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. On average, research analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a 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.