Great Lakes Dredge & Dock (NASDAQ:GLDD) to Repurchase $50.00 million in Shares

Great Lakes Dredge & Dock (NASDAQ:GLDD) declared that its Board of Directors has authorized a share buyback program on Friday, March 14th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Great Lakes Dredge & Dock Price Performance

Shares of GLDD opened at $8.65 on Friday. The company has a market cap of $582.00 million, a price-to-earnings ratio of 10.30, a PEG ratio of 1.06 and a beta of 1.21. Great Lakes Dredge & Dock has a 1-year low of $6.55 and a 1-year high of $12.89. The company’s fifty day simple moving average is $10.21 and its 200 day simple moving average is $10.99. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. The business had revenue of $202.77 million for the quarter, compared to the consensus estimate of $211.20 million. Great Lakes Dredge & Dock had a net margin of 7.51% and a return on equity of 13.72%. On average, research analysts forecast that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Christopher Gunsten acquired 3,875 shares of Great Lakes Dredge & Dock stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost of $7.75 per share, with a total value of $30,031.25. Following the completion of the transaction, the senior vice president now directly owns 61,532 shares in the company, valued at $476,873. This trade represents a 6.72 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company’s stock.

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.