Two Sigma Investments LP Decreases Holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Two Sigma Investments LP decreased its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 34.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,489 shares of the construction company’s stock after selling 48,989 shares during the period. Two Sigma Investments LP owned 0.14% of Great Lakes Dredge & Dock worth $1,067,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GLDD. AlphaQuest LLC purchased a new position in Great Lakes Dredge & Dock during the 4th quarter worth $33,000. Federated Hermes Inc. increased its stake in 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 in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Great Lakes Dredge & Dock during the 4th quarter worth $118,000. Semanteon Capital Management LP acquired a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $130,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Great Lakes Dredge & Dock in the 4th quarter valued at approximately $132,000. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Insiders Place Their Bets

In other news, 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 transaction of $231,660.54. Following the completion of the sale, the senior vice president now owns 50,138 shares of the company’s stock, valued at approximately $514,415.88. This trade represents a 31.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald Steger sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total transaction of $57,950.00. Following the transaction, 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 disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Great Lakes Dredge & Dock Stock Performance

NASDAQ:GLDD opened at $11.52 on Friday. The company has a market cap of $782.51 million, a P/E ratio of 13.71, a P/E/G ratio of 1.06 and a beta of 1.29. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97. The firm’s 50 day moving average is $9.84 and its two-hundred day moving average is $10.43. Great Lakes Dredge & Dock Co. has a fifty-two week low of $7.51 and a fifty-two week high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) 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 the consensus estimate of $206.70 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. Analysts expect that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

Great Lakes Dredge & Dock declared that its Board of Directors has approved a stock repurchase program on Friday, March 14th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen raised 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.