BlackRock Inc. Acquires New Stake in Orion Group Holdings, Inc. $ORN

Key Points

• BlackRock acquired 3.01 million Orion Group shares during the second quarter, worth approximately $50.6 million and representing a 7.43% stake. Institutional investors collectively own 70.25% of the company.
• Orion Group reported quarterly EPS of $0.02, missing the $0.06 consensus estimate, while revenue of $221.88 million also fell short of expectations. The stock was trading at $9.38, well below its 52-week high of $17.40.
• Analyst sentiment is mixed, with an average rating of “Hold” and a $17.20 price target; insiders have recently purchased 28,000 shares worth approximately $270,820.

BlackRock Inc. bought a new position in shares of 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 fund bought 3,008,011 shares of the construction company's stock, valued at approximately $50,595,000. BlackRock Inc. owned approximately 7.43% of Orion Group as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ORN. AQR Capital Management LLC lifted its position in Orion Group by 64.2% during the first quarter. AQR Capital Management LLC now owns 480,451 shares of the construction company's stock valued at $2,513,000 after purchasing an additional 187,819 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Orion Group by 55.7% in the 1st quarter. NewEdge Advisors LLC now owns 25,001 shares of the construction company's stock worth $131,000 after buying an additional 8,945 shares during the last quarter. Empowered Funds LLC raised its position in shares of Orion Group by 1.9% during the 1st quarter. Empowered Funds LLC now owns 119,720 shares of the construction company's stock valued at $626,000 after buying an additional 2,220 shares in the last quarter. Strs Ohio purchased a new stake in shares of Orion Group during the 1st quarter valued at $175,000. Finally, Creative Planning bought a new stake in shares of Orion Group during the 2nd quarter worth $202,000. 70.25% of the stock is currently owned by institutional investors.

Orion Group Trading Up 1.2%

Shares of ORN opened at $9.38 on Tuesday. The stock has a market capitalization of $379.80 million, a P/E ratio of 104.23 and a beta of 1.40. Orion Group Holdings, Inc. has a twelve month low of $7.08 and a twelve month high of $17.40. The company has a quick ratio of 1.51, a current ratio of 1.52 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $12.04 and a two-hundred day simple moving average of $12.67.

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

Wall Street Analysts Forecast Growth

ORN has been the subject of a number of research reports. Roth Capital set a $15.00 price objective on Orion Group in a report on Thursday, July 30th. Weiss Ratings cut Orion Group from a "hold (c)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Wall Street Zen downgraded Orion Group from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 1st. Zacks Research lowered Orion Group from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. Finally, Oppenheimer assumed coverage on shares of Orion Group in a research report on Tuesday, July 7th. They set an "outperform" rating and a $20.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $17.20.

Insider Activity at Orion Group

In other news, EVP Edward Chipman Earle acquired 5,000 shares of the firm's stock in a transaction on Friday, July 31st. The stock was acquired at an average price of $9.81 per share, for a total transaction of $49,050.00. Following the completion of the acquisition, the executive vice president owned 150,042 shares in the company, valued at $1,471,912.02. This trade represents a 3.45% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Ledford acquired 20,000 shares of the firm's stock in a transaction on Friday, July 31st. The stock was purchased at an average price of $9.62 per share, with a total value of $192,400.00. Following the acquisition, the director owned 43,112 shares of the company's stock, valued at $414,737.44. This represents a 86.54% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 28,000 shares of company stock worth $270,820 over the last 90 days. 5.70% of the stock is owned by company insiders.

Orion Group Profile

Orion Group NYSE: ORN is a global provider of specialized staffing and workforce solutions, serving clients across the energy, industrial, and technical sectors. The company offers a range of services including engineering and technical recruitment, information technology staffing, and comprehensive workforce management. Orion Group focuses on delivering qualified talent for complex projects, from exploration and production in the oil and gas industry to large-scale infrastructure and manufacturing initiatives.

Founded in 1972 and headquartered in Jacksonville, Florida, Orion Group has grown its operations to support projects in North America, Europe, the Middle East, and the Asia–Pacific region.

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