Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up on Earnings Beat

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report)'s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.54, but opened at $10.74. Great Lakes Dredge & Dock shares last traded at $10.28, with a volume of 198,996 shares trading hands.

The construction company reported $0.49 earnings per share (EPS) 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 business had revenue of $242.87 million for the quarter, compared to the consensus estimate of $206.70 million.

Great Lakes Dredge & Dock declared that its board has authorized a stock repurchase plan on Friday, March 14th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 8.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

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 now owns 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, SVP Christopher Gunsten acquired 3,875 shares of the stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the purchase, the senior vice president now directly owns 61,532 shares of the company's stock, valued at $476,873. The trade was a 6.72 % increase in their position. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several hedge funds and other institutional investors have recently bought and sold shares of GLDD. CenterBook Partners LP grew its stake in shares of Great Lakes Dredge & Dock by 169.2% in the 1st quarter. CenterBook Partners LP now owns 1,121,974 shares of the construction company's stock valued at $9,761,000 after buying an additional 705,159 shares during the period. Vanguard Group Inc. grew its position in Great Lakes Dredge & Dock by 0.8% in the first quarter. Vanguard Group Inc. now owns 3,907,174 shares of the construction company's stock worth $33,992,000 after acquiring an additional 29,586 shares during the period. Mirabaud & Cie SA acquired a new stake in Great Lakes Dredge & Dock during the first quarter worth $209,000. Minerva Advisors LLC raised its position in Great Lakes Dredge & Dock by 3.6% in the first quarter. Minerva Advisors LLC now owns 1,389,807 shares of the construction company's stock valued at $12,091,000 after purchasing an additional 48,000 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at $130,000. 89.11% of the stock is currently owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Trading Up 2.0 %

The business has a fifty day moving average price of $8.85 and a two-hundred day moving average price of $10.53. 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 firm has a market capitalization of $726.83 million, a PE ratio of 12.85, a PEG ratio of 1.06 and a beta of 1.23.

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.