Private Management Group Inc. Sells 76,315 Shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)

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. reduced its stake in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,142,542 shares of the construction company's stock after selling 76,315 shares during the quarter. Private Management Group Inc. owned approximately 1.70% of Great Lakes Dredge & Dock worth $9,940,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GLDD. Castlekeep Investment Advisors LLC bought a new stake in shares of Great Lakes Dredge & Dock during the fourth quarter valued at about $62,958,000. Jennison Associates LLC boosted its stake in shares of Great Lakes Dredge & Dock by 22.7% in the first quarter. Jennison Associates LLC now owns 5,310,894 shares of the construction company's stock valued at $46,205,000 after buying an additional 981,652 shares during the period. JPMorgan Chase & Co. grew its position in shares of Great Lakes Dredge & Dock by 259.6% in the 4th quarter. JPMorgan Chase & Co. now owns 820,397 shares of the construction company's stock valued at $9,262,000 after buying an additional 592,276 shares during the last quarter. Millennium Management LLC boosted its holdings in 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 worth $7,881,000 after purchasing an additional 501,032 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Great Lakes Dredge & Dock by 40.7% during the 4th quarter. American Century Companies Inc. now owns 1,615,591 shares of the construction company's stock worth $18,240,000 after acquiring an additional 467,164 shares during the period. Institutional investors and hedge funds own 89.11% of the company's stock.

Great Lakes Dredge & Dock Stock Down 1.3%

GLDD stock traded down $0.15 during midday trading on Monday, reaching $11.40. The company had a trading volume of 213,384 shares, compared to its average volume of 494,835. The company has a 50 day moving average of $11.48 and a two-hundred day moving average of $10.31. Great Lakes Dredge & Dock Corporation has a 1 year low of $7.51 and a 1 year high of $12.89. The company has a market capitalization of $774.47 million, a P/E ratio of 11.18, a PEG ratio of 1.01 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 earnings results 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 business had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. Great Lakes Dredge & Dock had a return on equity of 15.72% and a net margin of 8.63%. On average, equities research analysts expect 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 shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research note on Monday, May 19th.

Insider Buying and Selling at Great Lakes Dredge & Dock

In related news, SVP Eleni Beyko sold 22,579 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 50,138 shares of the company's stock, valued at approximately $514,415.88. This trade represents a 31.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ronald Steger sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total transaction of $57,950.00. Following the transaction, the director owned 20,404 shares in the company, valued at approximately $236,482.36. This trade represents a 19.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

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.