Cornercap Investment Counsel Inc. Reduces Stock Position in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Cornercap Investment Counsel Inc. trimmed its holdings in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 41.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,899 shares of the construction company’s stock after selling 12,798 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Great Lakes Dredge & Dock were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Intech Investment Management LLC purchased a new position in shares of Great Lakes Dredge & Dock in the third quarter valued at $157,000. Quantbot Technologies LP boosted its stake in Great Lakes Dredge & Dock by 204.5% in the 3rd quarter. Quantbot Technologies LP now owns 14,973 shares of the construction company’s stock worth $158,000 after purchasing an additional 10,055 shares during the period. BNP Paribas Financial Markets grew its holdings in Great Lakes Dredge & Dock by 60.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 287,248 shares of the construction company’s stock valued at $3,025,000 after buying an additional 108,227 shares in the last quarter. PEAK6 Investments LLC increased its position in shares of Great Lakes Dredge & Dock by 86.7% during the third quarter. PEAK6 Investments LLC now owns 95,685 shares of the construction company’s stock valued at $1,008,000 after buying an additional 44,425 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Great Lakes Dredge & Dock by 6.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 213,330 shares of the construction company’s stock worth $2,246,000 after buying an additional 13,203 shares in the last quarter. Institutional investors own 89.11% of the company’s stock.

Great Lakes Dredge & Dock Price Performance

Shares of NASDAQ:GLDD opened at $8.84 on Monday. The company has a 50 day moving average of $9.71 and a 200 day moving average of $10.97. 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 market cap of $594.78 million, a P/E ratio of 10.52, a P/E/G ratio of 1.06 and a beta of 1.21. Great Lakes Dredge & Dock Co. has a 12 month low of $6.55 and a 12 month high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.06. The firm had revenue of $202.77 million for the quarter, compared to analysts’ expectations of $211.20 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. As a group, sell-side analysts forecast that Great Lakes Dredge & Dock Co. will post 0.69 EPS for the current fiscal year.

Great Lakes Dredge & Dock declared that its board has initiated a share repurchase program on Friday, March 14th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 8.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, SVP Christopher Gunsten acquired 3,875 shares of the company’s stock in a transaction dated 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 acquisition, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.20% of the company’s stock.

About Great Lakes Dredge & Dock

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.