Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN raised its holdings in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 45.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,112 shares of the construction company’s stock after purchasing an additional 14,718 shares during the quarter. Wells Fargo & Company MN owned 0.07% of Great Lakes Dredge & Dock worth $532,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in 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 buying an additional 592,276 shares during the period. American Century Companies Inc. grew its position in shares of Great Lakes Dredge & Dock by 40.7% during the fourth quarter. American Century Companies Inc. now owns 1,615,591 shares of the construction company’s stock worth $18,240,000 after acquiring an additional 467,164 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Great Lakes Dredge & Dock by 681.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 318,600 shares of the construction company’s stock worth $3,597,000 after acquiring an additional 277,848 shares during the period. Raymond James Financial Inc. bought a new stake in Great Lakes Dredge & Dock in the 4th quarter valued at about $2,322,000. Finally, Jackson Creek Investment Advisors LLC acquired a new position in Great Lakes Dredge & Dock during the 4th quarter valued at about $1,468,000. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Christopher Gunsten purchased 3,875 shares of Great Lakes Dredge & Dock stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the transaction, the senior vice president now directly owns 61,532 shares in the company, valued at approximately $476,873. This represents a 6.72 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by company insiders.

Great Lakes Dredge & Dock Stock Up 2.1 %

GLDD opened at $9.62 on Friday. The stock’s 50 day moving average price is $8.65 and its 200 day moving average price is $10.59. 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 stock has a market cap of $648.01 million, a P/E ratio of 11.45, a P/E/G ratio of 1.06 and a beta of 1.17. Great Lakes Dredge & Dock Co. has a 12 month low of $6.99 and a 12 month high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its 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. The firm had revenue of $202.77 million for the quarter, compared to analysts’ expectations of $211.20 million. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. As a group, research analysts predict that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current year.

Great Lakes Dredge & Dock announced that its Board of Directors has authorized a share repurchase plan on Friday, March 14th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 8.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Great Lakes Dredge & Dock 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.