Private Management Group Inc. Cuts Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Private Management Group Inc. lessened its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,237,954 shares of the construction company’s stock after selling 15,211 shares during the quarter. Private Management Group Inc.’s holdings in Great Lakes Dredge & Dock were worth $13,036,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in Great Lakes Dredge & Dock during the 1st quarter valued at approximately $1,701,000. Sequoia Financial Advisors LLC purchased a new position in shares of Great Lakes Dredge & Dock in the 3rd quarter worth approximately $1,079,000. Marshall Wace LLP purchased a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth approximately $1,823,000. Hsbc Holdings PLC purchased a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth approximately $227,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of Great Lakes Dredge & Dock in the 2nd quarter worth approximately $2,057,000. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Trading Up 2.3 %

GLDD traded up $0.26 during trading hours on Friday, reaching $11.69. 301,026 shares of the company’s stock traded hands, compared to its average volume of 423,567. The firm has a 50-day moving average price of $10.75 and a 200 day moving average price of $9.42. Great Lakes Dredge & Dock Co. has a 52-week low of $6.11 and a 52-week high of $12.31. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $785.45 million, a PE ratio of 17.98, a PEG ratio of 0.41 and a beta of 1.15.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last posted its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. The company had revenue of $170.09 million during the quarter, compared to analysts’ expectations of $165.00 million. During the same quarter in the previous year, the business earned $0.03 EPS. As a group, sell-side analysts predict that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, CEO Lasse Petterson sold 46,510 shares of Great Lakes Dredge & Dock stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $9.08, for a total transaction of $422,310.80. Following the completion of the sale, the chief executive officer now directly owns 931,101 shares of the company’s stock, valued at $8,454,397.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 128,990 shares of company stock worth $1,174,747 in the last quarter. 2.20% of the stock is owned by company insiders.

Great Lakes Dredge & Dock Profile

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.