Share Repurchase Program Initiated by Great Lakes Dredge & Dock (NASDAQ:GLDD) Board

Great Lakes Dredge & Dock (NASDAQ:GLDD) announced that its Board of Directors has approved 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 allows the construction company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock opened at $8.65 on Friday. 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 business’s fifty day simple moving average is $10.21 and its 200 day simple moving average is $11.00. 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 has a 12 month low of $6.55 and a 12 month high of $12.89.

Great Lakes Dredge & Dock (NASDAQ:GLDD) last issued its earnings results on Tuesday, February 18th. The construction company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm 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%. As a group, analysts anticipate that Great Lakes Dredge & Dock will post 0.69 EPS for the current year.

Insider Buying and Selling at Great Lakes Dredge & Dock

In other news, SVP Christopher Gunsten bought 3,875 shares of the stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the purchase, the senior vice president now directly owns 61,532 shares in the company, valued at $476,873. This represents a 6.72 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.