Balyasny Asset Management L.P. Buys 44,609 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Balyasny Asset Management L.P. increased its stake in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 101.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 88,415 shares of the construction company's stock after purchasing an additional 44,609 shares during the period. Balyasny Asset Management L.P. owned approximately 0.13% of Great Lakes Dredge & Dock worth $998,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake in Great Lakes Dredge & Dock by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,443,586 shares of the construction company's stock valued at $50,168,000 after acquiring an additional 22,370 shares during the period. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 27,610 shares in the last quarter. American Century Companies Inc. raised its holdings in 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 acquiring an additional 467,164 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in 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 worth $9,262,000 after acquiring an additional 592,276 shares in the last quarter. Finally, Northern Trust Corp increased its position in Great Lakes Dredge & Dock by 8.6% during the fourth quarter. Northern Trust Corp now owns 664,091 shares of the construction company's stock worth $7,498,000 after buying an additional 52,644 shares during the last quarter. 89.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com raised Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research report on Monday.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD stock traded up $0.11 during trading hours on Tuesday, reaching $11.10. The company's stock had a trading volume of 43,587 shares, compared to its average volume of 467,559. The firm's 50 day simple moving average is $9.25 and its 200-day simple moving average is $10.50. The company has a market capitalization of $753.91 million, a price-to-earnings ratio of 13.21, a PEG ratio of 1.06 and a beta of 1.23. Great Lakes Dredge & Dock Co. has a fifty-two week low of $7.51 and a fifty-two week high of $12.89. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97.

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 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 13.72% and a net margin of 7.51%. Sell-side analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current year.

Great Lakes Dredge & Dock declared that its board has initiated a share repurchase plan on Friday, March 14th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the construction company to buy up to 8.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, SVP Eleni Beyko sold 22,579 shares of the firm's 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 now directly owns 50,138 shares in the company, valued at $514,415.88. This trade represents a 31.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Christopher Gunsten bought 3,875 shares of Great Lakes Dredge & Dock stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average price of $7.75 per share, with a total value of $30,031.25. Following the completion of the purchase, the senior vice president now owns 61,532 shares in the company, valued at $476,873. This trade represents a 6.72% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.20% of the stock is owned by corporate insiders.

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.