Teacher Retirement System of Texas Buys 75,191 Shares of Great Lakes Dredge & Dock Co. (NASDAQ:GLDD)

Teacher Retirement System of Texas grew its stake in Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) by 188.0% during the fourth quarter, Holdings Channel reports. The firm owned 115,183 shares of the construction company’s stock after purchasing an additional 75,191 shares during the period. Teacher Retirement System of Texas’ holdings in Great Lakes Dredge & Dock were worth $1,300,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. AlphaQuest LLC bought a new position in Great Lakes Dredge & Dock during the 4th quarter valued at $33,000. R Squared Ltd purchased a new stake in shares of Great Lakes Dredge & Dock in the fourth quarter valued at about $69,000. Passumpsic Savings Bank bought a new position in shares of Great Lakes Dredge & Dock during the fourth quarter valued at about $135,000. Point72 Asset Management L.P. purchased a new position in Great Lakes Dredge & Dock during the third quarter worth about $147,000. Finally, Intech Investment Management LLC bought a new stake in Great Lakes Dredge & Dock in the 3rd quarter worth about $157,000. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Insider Buying and Selling

In related news, SVP Christopher Gunsten purchased 3,875 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average price 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 $476,873. This trade represents a 6.72 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is owned by insiders.

Great Lakes Dredge & Dock Price Performance

Great Lakes Dredge & Dock stock opened at $8.84 on Friday. Great Lakes Dredge & Dock Co. has a 52 week low of $6.55 and a 52 week high of $12.89. The company’s 50 day moving average price is $9.71 and its two-hundred day moving average price is $10.95. 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. The company has a quick ratio of 1.01, a current ratio of 1.21 and a debt-to-equity ratio of 0.97.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.29 EPS 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 analyst estimates of $211.20 million. Great Lakes Dredge & Dock had a return on equity of 13.72% and a net margin of 7.51%. On average, equities analysts predict that Great Lakes Dredge & Dock Co. will post 0.69 earnings per share for the current year.

Great Lakes Dredge & Dock announced that its Board of Directors has initiated a stock buyback plan on Friday, March 14th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Great Lakes Dredge & Dock 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.