Two Sigma Advisers LP Cuts Stock Holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Two Sigma Advisers LP decreased its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 20.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,867 shares of the construction company's stock after selling 33,300 shares during the quarter. Two Sigma Advisers LP owned 0.19% of Great Lakes Dredge & Dock worth $1,421,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Seven Six Capital Management LLC purchased a new stake in Great Lakes Dredge & Dock during the fourth quarter worth $3,744,000. Point72 Asset Management L.P. boosted its position in shares of Great Lakes Dredge & Dock by 151.2% in the 4th quarter. Point72 Asset Management L.P. now owns 35,088 shares of the construction company's stock worth $396,000 after buying an additional 21,120 shares in the last quarter. ProShare Advisors LLC grew its stake in Great Lakes Dredge & Dock by 49.2% in the 4th quarter. ProShare Advisors LLC now owns 18,575 shares of the construction company's stock valued at $210,000 after acquiring an additional 6,123 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Great Lakes Dredge & Dock by 31.4% during the 4th quarter. Nuveen Asset Management LLC now owns 603,867 shares of the construction company's stock valued at $6,818,000 after acquiring an additional 144,168 shares in the last quarter. Finally, Millennium Management LLC raised its position 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 acquiring an additional 501,032 shares during the last quarter. Institutional investors and hedge funds own 89.11% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research report on Monday, May 19th.

Insider Activity

In other news, Director Ronald Steger sold 5,000 shares of Great Lakes Dredge & Dock 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 sale, the director now owns 20,404 shares of the company's stock, valued at $236,482.36. The trade was a 19.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eleni Beyko sold 22,579 shares of the company's stock in a transaction on 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 transaction, the senior vice president now owns 50,138 shares of the company's stock, valued at $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 2.20% of the company's stock.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ:GLDD traded down $0.05 on Wednesday, hitting $11.57. The company had a trading volume of 409,557 shares, compared to its average volume of 474,235. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97. The company has a market cap of $785.90 million, a PE ratio of 13.77, a PEG ratio of 1.06 and a beta of 1.23. Great Lakes Dredge & Dock Co. has a 52-week low of $7.51 and a 52-week high of $12.89. The business has a 50 day moving average of $9.73 and a 200 day moving average of $10.43.

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 for the quarter, beating the consensus estimate of $0.25 by $0.24. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. The firm had revenue of $242.87 million during the quarter, compared to the consensus estimate of $206.70 million. As a group, equities analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current fiscal year.

Great Lakes Dredge & Dock declared that its board has approved a share buyback plan on Friday, March 14th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.