Great Lakes Dredge & Dock (NASDAQ:GLDD) Board Approves Stock Buyback Program

Great Lakes Dredge & Dock (NASDAQ:GLDD) 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) 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

In other news, SVP Christopher Gunsten purchased 3,875 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $7.75 per share, for a total transaction of $30,031.25. Following the completion of the acquisition, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.10% 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.