Raymond James Financial Inc. Takes $2.32 Million Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Raymond James Financial Inc. bought a new position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 205,670 shares of the construction company's stock, valued at approximately $2,322,000. Raymond James Financial Inc. owned approximately 0.31% of Great Lakes Dredge & Dock at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Great Lakes Dredge & Dock by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 3,877,588 shares of the construction company's stock valued at $43,778,000 after buying an additional 27,610 shares during the last quarter. American Century Companies Inc. raised its position in shares of Great Lakes Dredge & Dock by 40.7% during the 4th quarter. American Century Companies Inc. now owns 1,615,591 shares of the construction company's stock worth $18,240,000 after purchasing an additional 467,164 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Great Lakes Dredge & Dock by 259.6% in 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 during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Great Lakes Dredge & Dock by 681.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 318,600 shares of the construction company's stock valued at $3,597,000 after buying an additional 277,848 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Great Lakes Dredge & Dock by 20.6% in the 4th quarter. Renaissance Technologies LLC now owns 278,601 shares of the construction company's stock worth $3,145,000 after purchasing an additional 47,500 shares in the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

Great Lakes Dredge & Dock Trading Up 2.1 %

GLDD stock traded up $0.20 during midday trading on Friday, hitting $9.62. 512,523 shares of the company's stock were exchanged, compared to its average volume of 460,790. 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 stock has a market capitalization of $648.01 million, a PE ratio of 11.45, a P/E/G ratio of 1.06 and a beta of 1.17. The business has a 50-day simple moving average of $8.65 and a two-hundred day simple moving average of $10.60. Great Lakes Dredge & Dock Co. has a 1-year low of $6.95 and a 1-year high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, topping 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 company had revenue of $202.77 million during the quarter, compared to analysts' expectations of $211.20 million. On average, sell-side analysts predict 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 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 Great Lakes Dredge & Dock news, SVP Christopher Gunsten purchased 3,875 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $7.75 per share, with a total value of $30,031.25. Following the transaction, the senior vice president now owns 61,532 shares in the company, valued at approximately $476,873. This trade represents a 6.72 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by insiders.

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.