Northern Trust Corp Buys 52,644 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Northern Trust Corp lifted its stake in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 8.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 664,091 shares of the construction company’s stock after purchasing an additional 52,644 shares during the quarter. Northern Trust Corp’s holdings in Great Lakes Dredge & Dock were worth $7,498,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sanctuary Advisors LLC grew its position in Great Lakes Dredge & Dock by 0.4% during the fourth quarter. Sanctuary Advisors LLC now owns 235,282 shares of the construction company’s stock worth $2,623,000 after buying an additional 979 shares in the last quarter. Hsbc Holdings PLC grew its position in Great Lakes Dredge & Dock by 5.7% during the fourth quarter. Hsbc Holdings PLC now owns 39,984 shares of the construction company’s stock worth $453,000 after buying an additional 2,150 shares in the last quarter. MetLife Investment Management LLC grew its position in Great Lakes Dredge & Dock by 5.9% during the fourth quarter. MetLife Investment Management LLC now owns 39,877 shares of the construction company’s stock worth $450,000 after buying an additional 2,213 shares in the last quarter. AlphaQuest LLC purchased a new position in Great Lakes Dredge & Dock during the fourth quarter worth about $33,000. Finally, Legal & General Group Plc grew its position in Great Lakes Dredge & Dock by 4.9% during the fourth quarter. Legal & General Group Plc now owns 75,180 shares of the construction company’s stock worth $849,000 after buying an additional 3,513 shares in the last quarter. 89.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten bought 3,875 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average price of $7.75 per share, with a total value of $30,031.25. Following the transaction, the senior vice president now owns 61,532 shares of the company’s stock, valued at approximately $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. Also, SVP Eleni Beyko sold 22,579 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $10.26, for a total value 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 corporate insiders.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $11.20 on Monday. The business has a 50-day simple moving average of $9.19 and a 200 day simple moving average of $10.51. Great Lakes Dredge & Dock Co. has a 52 week low of $7.51 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. The stock has a market cap of $760.77 million, a price-to-earnings ratio of 13.33, a PEG ratio of 1.06 and a beta of 1.23.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, May 6th. The construction company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. The firm had revenue of $242.87 million during the quarter, compared to analysts’ expectations of $206.70 million. On average, research 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 has approved a share buyback program on Friday, March 14th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to buy up to 8.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.