Connor Clark & Lunn Investment Management Ltd. Has $2.22 Million Stock Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Connor Clark & Lunn Investment Management Ltd. lessened its position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 8.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 196,399 shares of the construction company’s stock after selling 18,968 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Great Lakes Dredge & Dock were worth $2,217,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC raised its holdings in Great Lakes Dredge & Dock by 1.9% during the third quarter. Jennison Associates LLC now owns 4,333,438 shares of the construction company’s stock worth $45,631,000 after buying an additional 79,087 shares during the last quarter. Harvey Partners LLC lifted its position in Great Lakes Dredge & Dock by 9.8% in the 3rd quarter. Harvey Partners LLC now owns 3,647,500 shares of the construction company’s stock valued at $38,408,000 after acquiring an additional 325,500 shares in the last quarter. TCW Group Inc. increased its holdings in Great Lakes Dredge & Dock by 5.0% during the 3rd quarter. TCW Group Inc. now owns 2,095,834 shares of the construction company’s stock worth $22,069,000 after purchasing an additional 99,696 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Great Lakes Dredge & Dock by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,561,897 shares of the construction company’s stock worth $16,450,000 after purchasing an additional 22,166 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Great Lakes Dredge & Dock by 0.9% during the third quarter. State Street Corp now owns 1,540,516 shares of the construction company’s stock valued at $16,222,000 after buying an additional 13,010 shares during the last quarter. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Trading Up 2.4 %

Shares of Great Lakes Dredge & Dock stock opened at $8.91 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97. The stock has a fifty day simple moving average of $10.10 and a 200 day simple moving average of $10.99. Great Lakes Dredge & Dock Co. has a 12-month low of $6.55 and a 12-month high of $12.89. The company has a market capitalization of $599.49 million, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last announced its earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. The company had revenue of $202.77 million during the quarter, compared to the consensus estimate of $211.20 million. On average, sell-side analysts anticipate 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 buyback $50.00 million in outstanding 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 generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten purchased 3,875 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $7.75 per share, with a total value of $30,031.25. Following the completion of the transaction, the senior vice president now owns 61,532 shares of the company’s stock, valued at $476,873. The trade was a 6.72 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.20% of the company’s stock.

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.