Lawrence R. Dickerson, a director at Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD), recently sold 15,936 shares of the company's common stock. The shares were sold at a weighted average price of approximately $12.0356, resulting in a total transaction value of $191,799. Following this transaction, Dickerson holds 82,148 shares in the company.
The sale was executed on November 14, 2024, with the shares sold in multiple transactions at prices ranging from $12.000 to $12.185. The transaction was disclosed in a filing with the Securities and Exchange Commission, signed by Vivienne R. Schiffer, acting under power of attorney.
In other recent news, Great Lakes Dredge & Dock Corporation reported a strong Q3 performance, with net income reaching $8.9 million and adjusted EBITDA at $27 million on revenues of $191.2 million. This marks a significant increase from the previous year. The company secured new contracts worth $543 million, including the notable $235 million Sabine-Neches Contract 6 Deepening project, contributing to a record backlog of $1.2 billion. The company also launched the Galveston Island hopper dredge and continued the construction of the Acadia vessel.
Great Lakes Dredge & Dock Corporation ended the quarter with $12 million in cash and no debt drawn on the $300 million revolver. The company anticipates increased activity in Q4, with strong funding from the U.S. Army Corps of Engineers and growth in the offshore wind market.
Furthermore, the company has clear visibility of operations extending into 2026, with increased utilization and revenues expected in Q4 2024. The company's management anticipates continued revenue growth, especially in the offshore wind sector, as they modernize their fleet and expand operations. These are all recent developments.
InvestingPro Insights
Great Lakes Dredge & Dock Corp. (NASDAQ:GLDD) has been experiencing significant growth, as evidenced by its recent financial performance. According to InvestingPro data, the company's revenue growth stands at an impressive 33.74% over the last twelve months as of Q3 2024, with quarterly revenue growth reaching 63.14% in Q3 2024. This robust growth trajectory aligns with the recent insider selling activity, as executives may be taking advantage of the company's strong performance to realize gains.
The company's market capitalization currently stands at $805.25 million, with a price-to-earnings ratio of 15.82, suggesting a reasonable valuation relative to its earnings. An InvestingPro Tip indicates that Great Lakes Dredge & Dock's earnings per share are forecast to grow significantly this year, which could further support the stock's performance.
Another noteworthy metric is the company's EBITDA growth, which has surged by an astounding 815.84% over the last twelve months. This exceptional growth in profitability may explain the recent insider selling, as the stock price has likely appreciated in response to these strong financial results.
Investors should note that GLDD's stock has shown remarkable performance, with a one-year price total return of 86.62% as of the latest data. The stock is currently trading at 93.61% of its 52-week high, indicating strong momentum.
For those interested in a deeper analysis, InvestingPro offers additional tips and metrics beyond what's mentioned here. In fact, there are 12 more InvestingPro Tips available for Great Lakes Dredge & Dock Corp., providing a comprehensive view of the company's financial health and potential.
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