Jennison Associates LLC Acquires 79,087 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Jennison Associates LLC grew its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,333,438 shares of the construction company’s stock after acquiring an additional 79,087 shares during the period. Jennison Associates LLC owned 6.44% of Great Lakes Dredge & Dock worth $45,631,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Great Lakes Dredge & Dock by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 3,413,673 shares of the construction company’s stock valued at $29,870,000 after buying an additional 48,760 shares during the last quarter. TCW Group Inc. grew its stake in shares of Great Lakes Dredge & Dock by 2.0% in the second quarter. TCW Group Inc. now owns 1,996,138 shares of the construction company’s stock worth $17,526,000 after purchasing an additional 38,200 shares during the last quarter. Minerva Advisors LLC raised its holdings in Great Lakes Dredge & Dock by 1.5% during the 3rd quarter. Minerva Advisors LLC now owns 1,341,807 shares of the construction company’s stock worth $14,116,000 after purchasing an additional 19,470 shares during the last quarter. Private Management Group Inc. lifted its stake in shares of Great Lakes Dredge & Dock by 2.9% in the 2nd quarter. Private Management Group Inc. now owns 1,253,165 shares of the construction company’s stock valued at $11,003,000 after purchasing an additional 35,077 shares during the period. Finally, American Century Companies Inc. boosted its stake in Great Lakes Dredge & Dock by 36.4% during the second quarter. American Century Companies Inc. now owns 420,055 shares of the construction company’s stock worth $3,688,000 after acquiring an additional 112,160 shares in the last quarter. Institutional investors and hedge funds own 89.11% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on GLDD shares. StockNews.com lowered shares of Great Lakes Dredge & Dock from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th. Noble Financial upped their price target on Great Lakes Dredge & Dock from $11.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd.

Great Lakes Dredge & Dock Stock Performance

NASDAQ:GLDD opened at $12.32 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.21 and a quick ratio of 1.01. Great Lakes Dredge & Dock Co. has a 1-year low of $6.44 and a 1-year high of $12.83. The business has a 50 day moving average of $11.43 and a 200 day moving average of $9.89. The company has a market capitalization of $828.77 million, a price-to-earnings ratio of 14.05, a PEG ratio of 0.46 and a beta of 1.13.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings data on Tuesday, November 5th. The construction company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.05). The firm had revenue of $191.17 million for the quarter, compared to the consensus estimate of $180.80 million. Great Lakes Dredge & Dock had a net margin of 7.97% and a return on equity of 13.35%. During the same period last year, the company posted ($0.09) earnings per share. On average, sell-side analysts predict that Great Lakes Dredge & Dock Co. will post 0.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kathleen M. Shanahan sold 23,238 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $12.63, for a total value of $293,495.94. Following the sale, the director now directly owns 67,675 shares of the company’s stock, valued at approximately $854,735.25. This represents a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Lasse Petterson sold 28,709 shares of Great Lakes Dredge & Dock stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $9.24, for a total value of $265,271.16. Following the completion of the transaction, the chief executive officer now directly owns 902,392 shares of the company’s stock, valued at approximately $8,338,102.08. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

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.