D. E. Shaw & Co. Inc. Sells 241,999 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

D. E. Shaw & Co. Inc. reduced its position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 31.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 521,117 shares of the construction company’s stock after selling 241,999 shares during the period. D. E. Shaw & Co. Inc. owned 0.77% of Great Lakes Dredge & Dock worth $5,883,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLDD. AlphaQuest LLC acquired a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at approximately $33,000. Federated Hermes Inc. boosted its position in shares of 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 worth $63,000 after purchasing an additional 5,045 shares in the last quarter. R Squared Ltd purchased a new position in Great Lakes Dredge & Dock during the 4th quarter worth $69,000. Semanteon Capital Management LP acquired a new position in Great Lakes Dredge & Dock during the 4th quarter valued at about $130,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at about $132,000. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Insider Buying and Selling

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten acquired 3,875 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was acquired 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 owns 61,532 shares in the company, valued at approximately $476,873. The trade was a 6.72% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Eleni Beyko sold 22,579 shares of the stock in a transaction on Tuesday, May 6th. The stock was 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 in the company, valued at $514,415.88. The trade was a 31.05% decrease in their position. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD stock opened at $11.20 on Friday. Great Lakes Dredge & Dock Co. has a fifty-two week low of $7.51 and a fifty-two week high of $12.89. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.01 and a current ratio of 1.21. The firm has a market capitalization of $760.77 million, a price-to-earnings ratio of 13.33, a PEG ratio of 1.06 and a beta of 1.23. The stock’s 50-day simple moving average is $9.12 and its 200-day simple moving average is $10.52.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. The business had revenue of $242.87 million for the quarter, compared to analyst estimates of $206.70 million. As a group, equities analysts forecast 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 share repurchase program on Friday, March 14th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.