Private Management Group Inc. Purchases 35,077 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Private Management Group Inc. grew its position in shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 2.9% in the second quarter, Holdings Channel reports. The firm owned 1,253,165 shares of the construction company’s stock after purchasing an additional 35,077 shares during the period. Private Management Group Inc.’s holdings in Great Lakes Dredge & Dock were worth $11,003,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new position in Great Lakes Dredge & Dock during the first quarter worth about $1,701,000. Dimensional Fund Advisors LP raised its stake in Great Lakes Dredge & Dock by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,356,468 shares of the construction company’s stock valued at $33,458,000 after purchasing an additional 192,053 shares in the last quarter. CenterBook Partners LP raised its stake in Great Lakes Dredge & Dock by 48.0% in the fourth quarter. CenterBook Partners LP now owns 211,702 shares of the construction company’s stock valued at $1,626,000 after purchasing an additional 68,688 shares in the last quarter. Sugar Maple Asset Management LLC bought a new stake in Great Lakes Dredge & Dock during the first quarter valued at approximately $540,000. Finally, Jennison Associates LLC grew its stake in Great Lakes Dredge & Dock by 1.4% in the 1st quarter. Jennison Associates LLC now owns 4,359,725 shares of the construction company’s stock worth $38,148,000 after buying an additional 60,307 shares in the last quarter. Institutional investors own 89.11% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th.

Great Lakes Dredge & Dock Trading Down 1.9 %

Shares of GLDD stock opened at $9.00 on Monday. The business has a 50-day moving average price of $9.05 and a two-hundred day moving average price of $8.73. Great Lakes Dredge & Dock Co. has a 12-month low of $6.11 and a 12-month high of $10.55. 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 cap of $604.71 million, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 0.32 and a beta of 1.15.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its earnings results on Tuesday, August 6th. The construction company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. The company had revenue of $170.09 million during the quarter, compared to the consensus estimate of $165.00 million. Great Lakes Dredge & Dock had a return on equity of 10.05% and a net margin of 6.61%. During the same quarter in the previous year, the company posted $0.03 EPS. Equities analysts anticipate that Great Lakes Dredge & Dock Co. will post 0.8 EPS for the current fiscal year.

Insider Activity

In related news, CEO Lasse Petterson sold 28,709 shares of Great Lakes Dredge & Dock 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 transaction, the chief executive officer now owns 902,392 shares in the company, valued at approximately $8,338,102.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 128,990 shares of company stock valued at $1,174,747. Corporate insiders own 2.20% of the company’s stock.

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.