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 holdings in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 8.8% during the fourth quarter, according to the company in its most recent Form 13F filing 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. owned 0.29% of Great Lakes Dredge & Dock worth $2,217,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. AlphaQuest LLC acquired a new position in Great Lakes Dredge & Dock during the 4th quarter worth about $33,000. R Squared Ltd bought a new position in shares of Great Lakes Dredge & Dock during the fourth quarter worth about $69,000. Passumpsic Savings Bank bought a new stake in Great Lakes Dredge & Dock in the fourth quarter valued at approximately $135,000. Point72 Asset Management L.P. bought a new stake in Great Lakes Dredge & Dock in the third quarter valued at approximately $147,000. Finally, New York State Common Retirement Fund increased its position in Great Lakes Dredge & Dock by 64.8% during the 4th quarter. New York State Common Retirement Fund now owns 14,753 shares of the construction company’s stock valued at $167,000 after purchasing an additional 5,800 shares during the period. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Stock Up 2.4 %

Shares of NASDAQ GLDD opened at $8.91 on Wednesday. Great Lakes Dredge & Dock Co. has a 52-week low of $6.55 and a 52-week high of $12.89. 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 company’s 50 day moving average price is $10.10 and its 200-day moving average price is $10.99. 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 released its earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share (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 business had revenue of $202.77 million for the quarter, compared to analyst estimates of $211.20 million. Equities analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current year.

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

Insider Activity at Great Lakes Dredge & Dock

In other Great Lakes Dredge & Dock news, SVP Christopher Gunsten purchased 3,875 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the acquisition, the senior vice president now owns 61,532 shares of the company’s stock, valued at approximately $476,873. This represents a 6.72 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.20% of the stock is owned by corporate insiders.

Great Lakes Dredge & Dock Company 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.