Bank of America Corp DE Makes New Investment in Orion Group Holdings, Inc. $ORN

Key Points

• Bank of America initiated a position in Orion Group Holdings, buying 170,245 shares valued at approximately $2.86 million, or 0.42% of the company. Institutional investors and hedge funds collectively own 70.25% of ORN.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $16 price target, while recent reports included both upgrades or maintained Buy ratings and downgrades to Sell or Strong Sell.
• Orion’s latest quarterly results fell short of expectations, with earnings of $0.02 per share versus $0.06 forecast and revenue of $221.88 million versus $225.72 million expected. Shares opened at $8.39, near the company’s 12-month low of $8.08.

Bank of America Corp DE bought a new stake in Orion Group Holdings, Inc. (NYSE:ORN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 170,245 shares of the company's stock, valued at approximately $2,864,000. Bank of America Corp DE owned 0.42% of Orion Group at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Orion Group by 9.9% during the second quarter. BlackRock Inc. now owns 3,008,011 shares of the company's stock valued at $50,595,000 after acquiring an additional 270,967 shares in the last quarter. Brandes Investment Partners LP increased its position in shares of Orion Group by 1.1% during the fourth quarter. Brandes Investment Partners LP now owns 5,010,193 shares of the company's stock worth $49,801,000 after acquiring an additional 56,663 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Orion Group by 21.6% in the second quarter. Wasatch Advisors LP now owns 2,014,110 shares of the company's stock worth $33,877,000 after acquiring an additional 357,276 shares in the last quarter. CenterBook Partners LP boosted its holdings in Orion Group by 33.1% in the fourth quarter. CenterBook Partners LP now owns 720,561 shares of the company's stock valued at $7,162,000 after purchasing an additional 179,050 shares during the last quarter. Finally, De Lisle Partners LLP purchased a new position in Orion Group in the second quarter valued at about $7,067,000. 70.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ORN has been the topic of several analyst reports. Oppenheimer dropped their price objective on Orion Group from $20.00 to $15.00 and set an "outperform" rating on the stock in a report on Thursday, July 30th. Roth Capital set a $15.00 target price on Orion Group in a research note on Thursday, July 30th. Weiss Ratings downgraded shares of Orion Group from a "hold (c)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Orion Group from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Zacks Research cut shares of Orion Group from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.00.

Orion Group Price Performance

Shares of ORN opened at $8.39 on Wednesday. The company has a market cap of $339.91 million, a P/E ratio of 93.29 and a beta of 1.39. The stock has a fifty day moving average price of $9.68 and a 200 day moving average price of $12.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.52 and a quick ratio of 1.51. Orion Group Holdings, Inc. has a 12 month low of $8.08 and a 12 month high of $17.40.

Orion Group (NYSE:ORN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.04). The business had revenue of $221.88 million for the quarter, compared to the consensus estimate of $225.72 million. Orion Group had a net margin of 0.40% and a return on equity of 3.07%. On average, research analysts forecast that Orion Group Holdings, Inc. will post 0.12 earnings per share for the current year.

Insider Activity

In other Orion Group news, Director Mary E. Sullivan acquired 3,000 shares of Orion Group stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average cost of $9.79 per share, with a total value of $29,370.00. Following the purchase, the director owned 277,904 shares in the company, valued at approximately $2,720,680.16. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Ledford purchased 20,000 shares of the stock in a transaction dated Friday, July 31st. The shares were bought at an average price of $9.62 per share, for a total transaction of $192,400.00. Following the completion of the acquisition, the director owned 43,112 shares in the company, valued at $414,737.44. This represents a 86.54% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 28,000 shares of company stock valued at $270,820 over the last three months. Insiders own 5.70% of the company's stock.

About Orion Group

Orion Group Holdings, Inc NYSE: ORN is a construction company that provides infrastructure services to public- and private-sector customers. The company operates primarily through its Marine and Concrete segments, serving clients involved in transportation, infrastructure, industrial, commercial and government projects.

Its Marine segment performs construction and repair work for ports, harbors, waterways and other marine infrastructure. Services may include marine transportation, dredging, excavation, pile driving, installation of marine structures and construction of bridges, piers, docks and other waterfront facilities.

Through its Concrete segment, Orion provides structural and site-concrete services for commercial, industrial and infrastructure developments.

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