Ronald Steger Sells 5,000 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Stock

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD - Get Free Report) Director Ronald Steger sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total value of $57,950.00. Following the sale, the director now directly owns 20,404 shares of the company's stock, valued at approximately $236,482.36. This represents a 19.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Great Lakes Dredge & Dock Stock Performance

Shares of GLDD stock traded up $0.11 on Friday, hitting $11.63. 156,609 shares of the stock were exchanged, compared to its average volume of 472,957. Great Lakes Dredge & Dock Co. has a one year low of $7.51 and a one year high of $12.89. The firm's 50 day moving average is $9.84 and its two-hundred day moving average is $10.43. The firm has a market capitalization of $789.98 million, a PE ratio of 13.86, a P/E/G ratio of 1.06 and a beta of 1.29. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last issued its earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.24. The firm had revenue of $242.87 million during the quarter, compared to analyst estimates of $206.70 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. Sell-side analysts expect that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in shares of Great Lakes Dredge & Dock during the first quarter worth about $45,000. Jane Street Group LLC increased its holdings in shares of Great Lakes Dredge & Dock by 80.0% in the 1st quarter. Jane Street Group LLC now owns 74,222 shares of the construction company's stock worth $646,000 after buying an additional 32,987 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Great Lakes Dredge & Dock by 1.2% during the 1st 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 buying an additional 3,042 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth $1,726,000. Finally, Teza Capital Management LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 1st quarter worth $111,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Analyst Ratings Changes

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

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.