Gitterman Wealth Management LLC Decreases Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Gitterman Wealth Management LLC trimmed its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 34.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,851 shares of the construction company’s stock after selling 6,737 shares during the quarter. Gitterman Wealth Management LLC’s holdings in Great Lakes Dredge & Dock were worth $145,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC acquired a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth $33,000. R Squared Ltd acquired a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth $69,000. Passumpsic Savings Bank acquired a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth $135,000. Point72 Asset Management L.P. acquired a new position in shares of Great Lakes Dredge & Dock in the third quarter worth $147,000. Finally, New York State Common Retirement Fund raised its holdings in shares of Great Lakes Dredge & Dock by 64.8% in the fourth 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 during the last quarter. 89.11% of the stock is owned by institutional investors and hedge funds.

Great Lakes Dredge & Dock Stock Performance

NASDAQ GLDD opened at $8.65 on Friday. Great Lakes Dredge & Dock Co. has a fifty-two week low of $6.55 and a fifty-two week high of $12.89. The stock has a market cap of $582.00 million, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21. The business has a fifty day moving average of $10.21 and a 200-day moving average of $11.00. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $202.77 million during the quarter, compared to analyst estimates 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, analysts predict that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current fiscal year.

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

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten bought 3,875 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $7.75 per share, for a total transaction 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 $476,873. This trade represents a 6.72 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

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.