Northern Trust Corp Acquires 52,644 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Northern Trust Corp increased its holdings in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 664,091 shares of the construction company’s stock after buying an additional 52,644 shares during the quarter. Northern Trust Corp owned 0.99% of Great Lakes Dredge & Dock worth $7,498,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. AlphaQuest LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $33,000. Federated Hermes Inc. lifted its position in shares of Great Lakes Dredge & Dock by 878.9% during the 4th quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company’s stock worth $63,000 after buying an additional 5,045 shares during the last quarter. R Squared Ltd bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $69,000. Semanteon Capital Management LP bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $130,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter worth $132,000. 89.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, SVP Christopher Gunsten acquired 3,875 shares of Great Lakes Dredge & Dock stock in a transaction on Tuesday, March 4th. The stock was purchased at an average price of $7.75 per share, with a total value of $30,031.25. Following the completion of the purchase, the senior vice president now owns 61,532 shares of the company’s stock, valued at approximately $476,873. The trade was a 6.72% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eleni Beyko sold 22,579 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $10.26, for a total value of $231,660.54. Following the completion of the transaction, the senior vice president now owns 50,138 shares in the company, valued at $514,415.88. This represents a 31.05% decrease in their position. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $11.20 on Monday. 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 company has a market capitalization of $760.77 million, a PE ratio of 13.33, a P/E/G ratio of 1.06 and a beta of 1.23. Great Lakes Dredge & Dock Co. has a 12 month low of $7.51 and a 12 month high of $12.89. The stock has a 50-day moving average price of $9.19 and a two-hundred day moving average price of $10.51.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.24. The company had revenue of $242.87 million during the quarter, compared to analysts’ expectations of $206.70 million. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. Analysts expect that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

Great Lakes Dredge & Dock announced that its Board of Directors has approved a share buyback program on Friday, March 14th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.