Great Lakes Dredge & Dock (NASDAQ:GLDD – Get Free Report) announced that its Board of Directors has authorized a share buyback program on Friday, March 14th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
Great Lakes Dredge & Dock Price Performance
Shares of GLDD opened at $8.65 on Monday. The stock has a market cap of $582.00 million, a PE 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 quick ratio of 1.01 and a current ratio of 1.21. Great Lakes Dredge & Dock has a fifty-two week low of $6.55 and a fifty-two week high of $12.89. The firm’s 50-day simple moving average is $10.21 and its two-hundred day simple moving average is $11.00.
Great Lakes Dredge & Dock (NASDAQ:GLDD – Get Free Report) last announced its quarterly earnings data 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 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%. Analysts anticipate that Great Lakes Dredge & Dock will post 0.69 earnings per share for the current fiscal year.
Insider Activity
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.
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