Great Lakes Dredge & Dock (NASDAQ:GLDD) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-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 trading hands.

Analyst Upgrades and Downgrades

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

Great Lakes Dredge & Dock Price Performance

The company's 50-day moving average price is $10.21 and its 200-day moving average price is $10.40. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97. The firm has a market cap of $779.11 million, a price-to-earnings ratio of 13.65, a PEG ratio of 1.06 and a beta of 1.29.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last released its earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. On average, equities research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

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

Insider Transactions at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, Director Ronald Steger sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the completion of the transaction, the director now owns 20,404 shares in the company, valued at $236,482.36. The trade was a 19.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Eleni Beyko sold 22,579 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $10.26, for a total transaction of $231,660.54. Following the completion of the sale, the senior vice president now owns 50,138 shares in the company, 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. Corporate insiders own 2.20% of the company's stock.

Institutional Trading of Great Lakes Dredge & Dock

A number of institutional investors have recently bought and sold shares of GLDD. Strs Ohio purchased a new position in shares of Great Lakes Dredge & Dock in the 1st quarter valued at about $45,000. Jane Street Group LLC boosted its holdings in Great Lakes Dredge & Dock by 80.0% in the first quarter. Jane Street Group LLC now owns 74,222 shares of the construction company's stock valued at $646,000 after purchasing an additional 32,987 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Great Lakes Dredge & Dock by 1.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 246,766 shares of the construction company's stock valued at $2,147,000 after purchasing an additional 3,042 shares in the last quarter. Empowered Funds LLC purchased a new position in Great Lakes Dredge & Dock in the first quarter valued at approximately $1,726,000. Finally, Teza Capital Management LLC purchased a new position in Great Lakes Dredge & Dock in the first quarter valued at approximately $111,000. 89.11% of the stock is owned by hedge funds and other institutional investors.

About Great Lakes Dredge & Dock

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.