Great Lakes Dredge & Dock (NASDAQ:GLDD) Shares Gap Up – Here’s Why

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) shares gapped up before the market opened on Friday . The stock had previously closed at $7.84, but opened at $8.24. Great Lakes Dredge & Dock shares last traded at $8.44, with a volume of 129,518 shares changing hands.

Great Lakes Dredge & Dock Trading Up 9.4 %

The stock’s 50-day simple moving average is $10.27 and its 200-day simple moving average is $11.00. The firm has a market capitalization of $577.29 million, a PE ratio of 10.19, a P/E/G ratio of 1.06 and a beta of 1.21. 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 (NASDAQ:GLDD) last issued its quarterly earnings data on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. The business had revenue of $202.77 million during the quarter, compared to analyst estimates of $211.20 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. As a group, sell-side analysts expect that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current fiscal year.

Insider Activity

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten purchased 3,875 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the purchase, the senior vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Great Lakes Dredge & Dock

Hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its holdings in shares of Great Lakes Dredge & Dock by 1.0% during the third 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 last quarter. Minerva Advisors LLC boosted its holdings in Great Lakes Dredge & Dock by 1.5% in the third quarter. Minerva Advisors LLC now owns 1,341,807 shares of the construction company’s stock worth $14,116,000 after acquiring an additional 19,470 shares in the last quarter. Thompson Davis & CO. Inc. bought a new position in shares of Great Lakes Dredge & Dock during the third quarter valued at $740,000. Jennison Associates LLC grew its position in Great Lakes Dredge & Dock by 1.9% during the 3rd quarter. Jennison Associates LLC now owns 4,333,438 shares of the construction company’s stock valued at $45,631,000 after purchasing an additional 79,087 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Great Lakes Dredge & Dock during the 3rd quarter valued at about $6,744,000. 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.