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

Oppenheimer & Close LLC trimmed its holdings in shares of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) by 18.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 31,901 shares of the construction company’s stock after selling 7,386 shares during the period. Oppenheimer & Close LLC’s holdings in Great Lakes Dredge & Dock were worth $278,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. AlphaQuest LLC purchased a new position in Great Lakes Dredge & Dock in the 4th quarter worth approximately $33,000. Byrne Asset Management LLC purchased a new position in Great Lakes Dredge & Dock in the 1st quarter worth approximately $40,000. Federated Hermes Inc. raised its holdings in 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 acquiring an additional 5,045 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Great Lakes Dredge & Dock in the 4th quarter worth approximately $118,000. Finally, Semanteon Capital Management LP purchased a new position in Great Lakes Dredge & Dock in the 4th quarter worth approximately $130,000. 89.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Great Lakes Dredge & Dock from a “hold” rating to a “buy” rating in a report on Monday, May 19th.

Insiders Place Their Bets

In other news, SVP Eleni Beyko sold 22,579 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were 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 owned 50,138 shares of the company’s stock, valued at $514,415.88. The trade was a 31.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ronald Steger sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $11.59, for a total transaction of $57,950.00. Following the sale, the director directly owned 20,404 shares of the company’s stock, valued at approximately $236,482.36. The trade was a 19.68% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Great Lakes Dredge & Dock Trading Up 0.4%

NASDAQ:GLDD opened at $12.01 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.20 and a debt-to-equity ratio of 0.86. Great Lakes Dredge & Dock Corporation has a 12 month low of $7.51 and a 12 month high of $12.89. The company has a market cap of $815.50 million, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.05 and a beta of 1.30. The company has a 50 day simple moving average of $11.17 and a two-hundred day simple moving average of $10.34.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, May 6th. The construction company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.24. Great Lakes Dredge & Dock had a net margin of 8.63% and a return on equity of 15.72%. The business had revenue of $242.87 million during the quarter, compared to the consensus estimate of $206.70 million. Research analysts forecast that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current year.

Great Lakes Dredge & Dock announced that its Board of Directors has approved a stock 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 reacquire up to 8.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Great Lakes Dredge & Dock 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.