Great Lakes Dredge & Dock (NASDAQ:GLDD) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $10.40 and traded as high as $11.63. Great Lakes Dredge & Dock shares last traded at $11.47, with a volume of 354,075 shares changing hands.

Analyst Ratings Changes

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

Great Lakes Dredge & Dock Stock Performance

The firm’s fifty day moving average price is $10.15 and its 200-day moving average price is $10.40. 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 cap of $779.11 million, a P/E ratio of 13.65, a P/E/G ratio of 1.06 and a beta of 1.29.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released 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 business had revenue of $242.87 million for the quarter, compared to the consensus estimate of $206.70 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 forecast that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current fiscal year.

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

Insider Activity at Great Lakes Dredge & Dock

In other news, Director Ronald Steger sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total value of $57,950.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Eleni Beyko sold 22,579 shares of Great Lakes Dredge & Dock stock in a transaction 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 transaction, the senior vice president now directly owns 50,138 shares of the company’s stock, valued at approximately $514,415.88. The trade was a 31.05% 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 corporate insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Several large investors have recently made changes to their positions in the company. AlphaQuest LLC acquired a new position in Great Lakes Dredge & Dock in the fourth quarter valued at about $33,000. New York State Common Retirement Fund boosted its holdings in shares of Great Lakes Dredge & Dock by 64.8% in the 4th quarter. New York State Common Retirement Fund now owns 14,753 shares of the construction company’s stock worth $167,000 after acquiring an additional 5,800 shares in the last quarter. Quantbot Technologies LP grew its position in Great Lakes Dredge & Dock by 29.8% during the 4th quarter. Quantbot Technologies LP now owns 19,429 shares of the construction company’s stock worth $219,000 after acquiring an additional 4,456 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Great Lakes Dredge & Dock during the 4th quarter worth approximately $2,322,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Great Lakes Dredge & Dock by 14.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,724 shares of the construction company’s stock valued at $2,752,000 after purchasing an additional 30,394 shares in the last quarter. Institutional investors own 89.11% of the company’s stock.

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.