Great Lakes Dredge & Dock (NASDAQ:GLDD) Stock Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $10.40 and traded as high as $11.63. Great Lakes Dredge & Dock shares last traded at $11.47, with a volume of 354,075 shares traded.

Wall Street Analysts Forecast Growth

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

Great Lakes Dredge & Dock Stock Down 1.4%

The firm has a market cap of $787.31 million, a P/E ratio of 11.36, a PEG ratio of 1.02 and a beta of 1.29. The firm's 50-day moving average price is $10.34 and its 200 day moving average price is $10.37. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.33 and a quick ratio of 1.20.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its earnings results on Tuesday, May 6th. The construction company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.24. The company had revenue of $242.87 million for the quarter, compared to the consensus estimate 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.

Great Lakes Dredge & Dock declared that its Board of Directors has initiated a stock buyback program on Friday, March 14th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 8.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Ronald Steger sold 5,000 shares of the 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 sale, the director now directly owns 20,404 shares in the company, valued at approximately $236,482.36. This represents a 19.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eleni Beyko sold 22,579 shares of the firm's 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 directly owns 50,138 shares in the company, valued at approximately $514,415.88. This trade represents a 31.05% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC grew its position in shares of Great Lakes Dredge & Dock by 0.4% during the fourth quarter. Sanctuary Advisors LLC now owns 235,282 shares of the construction company's stock worth $2,623,000 after acquiring an additional 979 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Great Lakes Dredge & Dock by 64.8% during the 4th quarter. New York State Common Retirement Fund now owns 14,753 shares of the construction company's stock valued at $167,000 after purchasing an additional 5,800 shares during the period. Passumpsic Savings Bank bought a new position in Great Lakes Dredge & Dock in the 4th quarter worth about $135,000. Bank of New York Mellon Corp grew its position in Great Lakes Dredge & Dock by 17.6% in the 4th quarter. Bank of New York Mellon Corp now owns 239,970 shares of the construction company's stock worth $2,709,000 after purchasing an additional 35,831 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Great Lakes Dredge & Dock in the fourth quarter valued at approximately $220,000. 89.11% of the stock is owned by institutional investors and hedge funds.

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.