Jennison Associates LLC Buys 79,087 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Jennison Associates LLC lifted its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 1.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,333,438 shares of the construction company’s stock after purchasing an additional 79,087 shares during the quarter. Jennison Associates LLC owned about 0.06% of Great Lakes Dredge & Dock worth $45,631,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Essex Investment Management Co. LLC raised its stake in Great Lakes Dredge & Dock by 0.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 347,517 shares of the construction company’s stock worth $3,659,000 after acquiring an additional 915 shares during the period. ARS Investment Partners LLC raised its position in shares of Great Lakes Dredge & Dock by 11.0% during the 2nd quarter. ARS Investment Partners LLC now owns 12,150 shares of the construction company’s stock valued at $107,000 after purchasing an additional 1,200 shares during the period. Victory Capital Management Inc. lifted 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 buying an additional 1,228 shares in the last quarter. Quarry LP boosted its holdings in Great Lakes Dredge & Dock by 68.5% in the 2nd quarter. Quarry LP now owns 3,097 shares of the construction company’s stock worth $27,000 after buying an additional 1,259 shares during the period. Finally, nVerses Capital LLC increased its stake in Great Lakes Dredge & Dock by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 3,500 shares of the construction company’s stock worth $37,000 after buying an additional 2,800 shares in the last quarter. 89.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GLDD shares. StockNews.com downgraded Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Noble Financial upped their target price on shares of Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, Director Kathleen M. Shanahan sold 23,238 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $12.63, for a total transaction of $293,495.94. Following the transaction, the director now owns 67,675 shares of the company’s stock, valued at approximately $854,735.25. This represents a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lasse Petterson sold 28,709 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $9.24, for a total value of $265,271.16. Following the completion of the transaction, the chief executive officer now directly owns 902,392 shares in the company, valued at $8,338,102.08. This trade represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

Great Lakes Dredge & Dock Price Performance

NASDAQ:GLDD opened at $12.32 on Friday. The business’s 50-day moving average is $11.43 and its 200 day moving average is $9.89. Great Lakes Dredge & Dock Co. has a 12 month low of $6.44 and a 12 month high of $12.83. The company has a market capitalization of $828.77 million, a P/E ratio of 14.05, a P/E/G ratio of 0.46 and a beta of 1.13. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its earnings results on Tuesday, November 5th. The construction company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.05). Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. The firm had revenue of $191.17 million for the quarter, compared to the consensus estimate of $180.80 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. On average, equities research analysts forecast that Great Lakes Dredge & Dock Co. will post 0.76 earnings per share for the current fiscal year.

About Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures.