Oppenheimer & Close LLC Lowers Stock Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Oppenheimer & Close LLC lowered its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 74.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,287 shares of the construction company’s stock after selling 115,358 shares during the quarter. Oppenheimer & Close LLC owned about 0.06% of Great Lakes Dredge & Dock worth $444,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its stake in shares of Great Lakes Dredge & Dock by 0.4% during the 4th quarter. Sanctuary Advisors LLC now owns 235,282 shares of the construction company’s stock valued at $2,623,000 after purchasing an additional 979 shares during the period. Victory Capital Management Inc. grew its stake in shares of Great Lakes Dredge & Dock by 1.0% during the 3rd quarter. Victory Capital Management Inc. now owns 123,228 shares of the construction company’s stock valued at $1,298,000 after purchasing an additional 1,228 shares during the period. AlphaQuest LLC bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter valued at about $33,000. Canton Hathaway LLC grew its stake in shares of Great Lakes Dredge & Dock by 10.7% during the 3rd quarter. Canton Hathaway LLC now owns 41,300 shares of the construction company’s stock valued at $435,000 after purchasing an additional 4,000 shares during the period. Finally, Quantbot Technologies LP grew its stake in shares of 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 valued at $219,000 after purchasing an additional 4,456 shares during the period. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Trading Down 2.4 %

Great Lakes Dredge & Dock stock opened at $9.11 on Friday. The business has a 50-day simple moving average of $9.98 and a two-hundred day simple moving average of $10.97. The company has a market cap of $612.95 million, a P/E ratio of 10.85, a P/E/G ratio of 1.06 and a beta of 1.21. Great Lakes Dredge & Dock Co. has a 52-week low of $6.55 and a 52-week high of $12.89. 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 posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. The firm had revenue of $202.77 million for the quarter, compared to analysts’ expectations of $211.20 million. Analysts predict that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

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

Insiders Place Their Bets

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten purchased 3,875 shares of the stock in a transaction on Tuesday, March 4th. The stock was acquired at an average price of $7.75 per share, with a total value of $30,031.25. Following the completion of the acquisition, the senior vice president now owns 61,532 shares in the company, valued at $476,873. The trade was a 6.72 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.20% 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.