Bank of America Corp DE Acquires 45,810 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Bank of America Corp DE raised its holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 39.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 161,186 shares of the construction company’s stock after buying an additional 45,810 shares during the quarter. Bank of America Corp DE owned 0.24% of Great Lakes Dredge & Dock worth $1,820,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC bought a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at about $33,000. Federated Hermes Inc. grew its stake in shares of Great Lakes Dredge & Dock by 878.9% in the 4th quarter. Federated Hermes Inc. now owns 5,619 shares of the construction company’s stock valued at $63,000 after purchasing an additional 5,045 shares during the period. Semanteon Capital Management LP bought a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter valued at approximately $130,000. KLP Kapitalforvaltning AS bought a new stake in shares of Great Lakes Dredge & Dock in the 4th quarter valued at approximately $132,000. Finally, Passumpsic Savings Bank bought a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at $135,000. Institutional investors own 89.11% of the company’s stock.

Insider Buying and Selling

In other news, SVP Eleni Beyko sold 22,579 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $10.26, for a total transaction of $231,660.54. Following the sale, the senior vice president now owns 50,138 shares in the company, valued at approximately $514,415.88. This represents a 31.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.20% of the stock is owned by corporate insiders.

Great Lakes Dredge & Dock Stock Up 2.5%

GLDD opened at $11.62 on Wednesday. The firm’s 50-day simple moving average is $9.73 and its 200-day simple moving average is $10.43. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21. Great Lakes Dredge & Dock Co. has a twelve month low of $7.51 and a twelve month high of $12.89. The firm has a market cap of $789.30 million, a price-to-earnings ratio of 13.83, a PEG ratio of 1.06 and a beta of 1.23.

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

Great Lakes Dredge & Dock announced that its Board of Directors has approved a share repurchase program on Friday, March 14th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a research report on Monday, May 19th.

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.