JPMorgan Chase & Co. boosted its position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) by 259.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 820,397 shares of the construction company's stock after buying an additional 592,276 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.22% of Great Lakes Dredge & Dock worth $9,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC lifted its stake in Great Lakes Dredge & Dock by 0.4% in the 4th quarter. Sanctuary Advisors LLC now owns 235,282 shares of the construction company's stock worth $2,623,000 after purchasing an additional 979 shares in the last quarter. AlphaQuest LLC bought a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth $33,000. Quantbot Technologies LP raised its position in shares of Great Lakes Dredge & Dock by 29.8% in the fourth quarter. Quantbot Technologies LP now owns 19,429 shares of the construction company's stock worth $219,000 after buying an additional 4,456 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Great Lakes Dredge & Dock by 64.8% during the fourth quarter. New York State Common Retirement Fund now owns 14,753 shares of the construction company's stock valued at $167,000 after buying an additional 5,800 shares during the period. Finally, R Squared Ltd purchased a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $69,000. 89.11% of the stock is currently owned by institutional investors.
Great Lakes Dredge & Dock Price Performance
Shares of NASDAQ:GLDD traded up $0.09 on Friday, hitting $8.81. The company's stock had a trading volume of 347,763 shares, compared to its average volume of 457,030. Great Lakes Dredge & Dock Co. has a 1 year low of $6.55 and a 1 year high of $12.89. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. The company has a market capitalization of $593.45 million, a PE ratio of 10.49, a PEG ratio of 1.06 and a beta of 1.17. The company has a 50-day simple moving average of $8.75 and a 200 day simple moving average of $10.76.
Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. The business had revenue of $202.77 million during the quarter, compared to analyst estimates of $211.20 million. Sell-side analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current fiscal year.
Great Lakes Dredge & Dock declared that its Board of Directors has approved a share repurchase program on Friday, March 14th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 8.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.
Insider Buying and Selling at Great Lakes Dredge & Dock
In other news, SVP Christopher Gunsten acquired 3,875 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $7.75 per share, with a total value of $30,031.25. Following the acquisition, the senior vice president now owns 61,532 shares in the company, valued at approximately $476,873. This represents a 6.72 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.00% of the company's stock.
Great Lakes Dredge & Dock Profile
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Free Report)
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.
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