Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) CEO and President Petterson Lasse has sold a significant portion of his holdings in the company, according to recent filings. The transactions, which took place on August 23 and August 26, involved the sale of company common stock for a total value exceeding $687,000.
On August 23, Petterson sold 46,510 shares at a weighted average price of $9.0799, with individual transactions ranging from $9.00 to $9.19 per share. A few days later, on August 26, he sold an additional 28,709 shares at a weighted average price of $9.2432, with sales prices varying between $9.09 and $9.39 per share.
Following these transactions, Petterson Lasse's direct ownership in Great Lakes Dredge & Dock Corp. stands at 902,392.29 shares. The sales were made under a Rule 10b5-1 trading plan, which Petterson had adopted on May 16, 2024. This plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information.
Investors often monitor insider sales as they can provide valuable insights into an executive's perspective on the company's current valuation and future prospects. However, it is also common for executives to sell shares for personal financial planning, diversification, or liquidity reasons.
Great Lakes Dredge & Dock Corp. is a leader in the dredging industry, providing dredging services in the United States and internationally. The company's stock performance and financial health are closely followed by investors in the heavy construction sector.
In other recent news, Great Lakes Dredge & Dock Corporation announced the award of several dredging contracts totaling $256.2 million, with projects spanning multiple states including Alabama, Florida, New Jersey, and New York. These contracts include a variety of dredging work, such as deepening and widening harbors and beach renourishment. In addition, the company recently disclosed its financial results for the second quarter and first half of the year, however, specific financial figures were not provided.
Great Lakes Dredge & Dock Corporation reported a significant dredging backlog of $879 million, marking its strongest EBITDA since Q4 2021. This was largely driven by effective fleet deployment, including the new hopper dredge, the Galveston Island. The company's involvement in the offshore wind sector has also seen significant milestones, with projects like Vineyard Wind and South Fork Wind.
These recent developments indicate a solid year ahead for Great Lakes Dredge & Dock, with potential for margin improvement as capital backlog execution progresses. The company's financial strategies and outlook were further discussed by Scott Kornblau, who emphasized secured financing with favorable terms. This news reflects the ongoing activities and future prospects of the company.
InvestingPro Insights
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) has recently caught the attention of investors, not only due to the insider trading by CEO and President Petterson Lasse but also because of its financial performance and market position. Here are some insights based on the latest data from InvestingPro:
- The company operates with a significant debt burden, which is an important consideration for investors evaluating the risk profile of Great Lakes Dredge & Dock Corp. (InvestingPro Tip)
- Despite the insider sales, analysts remain optimistic about the company's prospects, anticipating sales growth in the current year. This is supported by a robust revenue growth of 12.08% over the last twelve months as of Q2 2024. (InvestingPro Tip)
- The company's market capitalization stands at $658.45 million, with a price-to-earnings (P/E) ratio of 14.48, which adjusts to 17.04 when looking at the last twelve months as of Q2 2024. This valuation metric helps investors determine if the stock is priced fairly in relation to its earnings.
- Great Lakes Dredge & Dock Corp. has shown a significant return over the last week, with a 1 Week Price Total Return of 8.01% as of the latest data point. This performance metric can be particularly interesting for short-term investors or traders.
- The company's stock is trading near its 52-week high, at 99.09% of this peak value, indicating strong recent performance and potentially a higher risk for those looking to enter the stock at current levels.
Investors interested in a deeper analysis of Great Lakes Dredge & Dock Corp. can find additional InvestingPro Tips on the company's profile at https://www.investing.com/pro/GLDD, which currently lists a total of 9 tips for a more comprehensive understanding of the company's financial health and market performance.
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