SCHEDULE: Prudential discloses 6.3% stake in GLDD

Prudential Financial reported a passive 6.3% beneficial ownership (4.29M shares) in Great Lakes Dredge & Dock, held primarily via Jennison Associates, as of September 30, 2025.

Summary

• Prudential Financial, Inc. reported beneficial ownership of 4,293,929 common shares of Great Lakes Dredge & Dock Corp, representing 6.3% of the outstanding class, as of 09/30/2025.
• Voting/dispositive powers: sole voting power 0; shared voting power 4,291,512; sole dispositive power 0; shared dispositive power 4,293,929.
• Holdings are attributed to subsidiaries: Jennison Associates LLC (4,274,268 shares), The Prudential Insurance Company of America (10,664), PGIM, Inc. (81), and PGIM Quantitative Solutions LLC (8,916).
• Prudential certified the securities were acquired and are held in the ordinary course, not to change or influence control; clients may have rights to dividends or sale proceeds.
• Reporting person type: HC (Parent Holding Company). Signed by Richard Baker, Second Vice President, on 11/07/2025.

Sentiment

Score: 5

Explanation: Neutral, routine passive ownership disclosure with no control intent or operational implications.

Positives

• Meaningful institutional ownership: 4,293,929 shares (6.3% of class) provides validation and can support trading liquidity.
• Passive intent confirmed: acquired and held in the ordinary course, not to influence control.
• Ownership is primarily through experienced investment subsidiary Jennison Associates LLC (4,274,268 shares).

Negatives

• No sole voting or dispositive power (0 shares), indicating no unilateral control over the position.

Future Outlook

None provided; this is a passive beneficial ownership disclosure with no guidance or operational outlook.

Management Comments

• Securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
• Holdings may be on behalf of clients who could have the right to receive dividends or sale proceeds.
• Signed by Richard Baker, Second Vice President, on 11/07/2025.

Industry Context

This is a routine institutional ownership update typical for mid-cap industrials; a passive 13G filing signals investment exposure without activist intent and aligns with standard asset management practices.

Comparison to Industry Standards

• Crossing the 5% threshold requires a Schedule 13D or 13G; a 6.3% passive 13G position is common for large asset managers in mid-cap names.
• Use of a 13G (rather than 13D) indicates no activist or control-seeking posture, consistent with mainstream institutional holders across industrial and infrastructure peers.
• Subsidiary attribution (e.g., Jennison, PGIM) is standard practice among diversified managers, similar to disclosures by BlackRock or Vanguard when positions exceed 5%.

Stakeholder Impact

• Shareholders: Visibility into a 6.3% institutional holder may support perceived stability.
• Liquidity: A sizeable institutional position could aid trading liquidity.
• Governance: Passive certification reduces risk of near-term activist pressure.
• Operations and customers/employees: No operational or personnel changes indicated.

Key Dates

Keywords

Schedule 13G, beneficial ownership, Great Lakes Dredge & Dock, GLDD, Prudential Financial, Jennison Associates, PGIM, institutional investor, 6.3% stake, CUSIP 390607109, passive investment