Great Lakes Dredge & Dock (NASDAQ:GLDD) Board of Directors Announces Share Repurchase Program

Great Lakes Dredge & Dock (NASDAQ:GLDDGet Free Report) announced that its Board of Directors has initiated a share repurchase plan on Friday, March 14th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Great Lakes Dredge & Dock Stock Up 10.3 %

GLDD opened at $8.65 on Monday. The company has a fifty day moving average price of $10.21 and a 200-day moving average price of $11.00. The firm has a market capitalization of $582.00 million, a P/E ratio of 10.30, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21. 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 has a one year low of $6.55 and a one year high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDDGet Free Report) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The firm had revenue of $202.77 million during the quarter, compared to analyst estimates of $211.20 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. Equities research analysts expect that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Christopher Gunsten bought 3,875 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $7.75 per share, for a total transaction 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 approximately $476,873. The trade was a 6.72 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.

About Great Lakes Dredge & Dock

(Get Free Report)

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.

See Also

Receive News & Ratings for Great Lakes Dredge & Dock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Great Lakes Dredge & Dock and related companies with MarketBeat.com's FREE daily email newsletter.