Cullen Capital Management LLC Decreases Stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Cullen Capital Management LLC cut its holdings in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 9.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 138,382 shares of the construction company’s stock after selling 14,550 shares during the quarter. Cullen Capital Management LLC’s holdings in Great Lakes Dredge & Dock were worth $1,562,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLDD. JPMorgan Chase & Co. lifted its stake in shares of Great Lakes Dredge & Dock by 259.6% during the 4th quarter. JPMorgan Chase & Co. now owns 820,397 shares of the construction company’s stock valued at $9,262,000 after buying an additional 592,276 shares in the last quarter. American Century Companies Inc. raised its holdings in Great Lakes Dredge & Dock by 40.7% during the 4th quarter. American Century Companies Inc. now owns 1,615,591 shares of the construction company’s stock valued at $18,240,000 after acquiring an additional 467,164 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Great Lakes Dredge & Dock by 681.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 318,600 shares of the construction company’s stock worth $3,597,000 after acquiring an additional 277,848 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Great Lakes Dredge & Dock during the fourth quarter worth $2,322,000. Finally, Jackson Creek Investment Advisors LLC bought a new position in shares of Great Lakes Dredge & Dock in the fourth quarter worth $1,468,000. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Performance

NASDAQ:GLDD opened at $8.07 on Friday. Great Lakes Dredge & Dock Co. has a 52-week low of $6.55 and a 52-week high of $12.89. The business’s fifty day moving average is $9.36 and its 200 day moving average is $10.93. 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 cap of $543.60 million, a price-to-earnings ratio of 9.61, a PEG ratio of 1.06 and a beta of 1.17.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.06. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. The firm had revenue of $202.77 million for the quarter, compared to analysts’ expectations of $211.20 million. Research analysts predict that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current year.

Great Lakes Dredge & Dock declared that its board has approved a stock buyback program on Friday, March 14th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the construction company to purchase up to 8.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, SVP Christopher Gunsten purchased 3,875 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $7.75 per share, with a total value of $30,031.25. Following the completion of the acquisition, the senior vice president now owns 61,532 shares in the company, valued at $476,873. This trade represents a 6.72 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

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.