Engineers Gate Manager LP Acquires New Position in Old Republic International Corporation $ORI

Key Points

• Engineers Gate Manager LP acquired 30,100 shares of Old Republic International in the second quarter, valued at approximately $1.23 million. Institutional investors and hedge funds collectively own 70.92% of the company.
• Analyst sentiment remains moderately positive, with an average rating of “Moderate Buy” and a consensus price target of $41.50. Recent actions included a Zacks upgrade to “Hold” and a Piper Sandler price-target reduction to $39.
• Old Republic reported quarterly revenue of $2.50 billion, up 5.2% year over year, but earnings per share of $0.76 missed estimates by $0.03. The company paid a quarterly dividend of $0.315 per share, representing a 3.1% annualized yield.

Engineers Gate Manager LP acquired a new position in shares of Old Republic International Corporation (NYSE:ORI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 30,100 shares of the insurance provider's stock, valued at approximately $1,232,000.

Several other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC lifted its holdings in shares of Old Republic International by 3.3% during the 2nd quarter. NewEdge Advisors LLC now owns 27,780 shares of the insurance provider's stock valued at $1,137,000 after buying an additional 887 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Old Republic International by 574.7% in the second quarter. Squarepoint Ops LLC now owns 107,899 shares of the insurance provider's stock valued at $4,415,000 after acquiring an additional 91,908 shares during the last quarter. Nykredit A S bought a new stake in Old Republic International in the second quarter worth approximately $123,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Old Republic International in the second quarter worth approximately $618,000. Finally, AlphaGrep UK Ltd acquired a new position in shares of Old Republic International during the 2nd quarter worth $547,000. 70.92% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Carolyn Monroe sold 4,386 shares of Old Republic International stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $42.01, for a total value of $184,255.86. Following the completion of the transaction, the senior vice president directly owned 27,875 shares of the company's stock, valued at $1,171,028.75. The trade was a 13.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jeffrey Lange sold 14,075 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $43.76, for a total transaction of $615,922.00. Following the transaction, the senior vice president owned 12,244 shares in the company, valued at approximately $535,797.44. This trade represents a 53.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 33,374 shares of company stock worth $1,452,714. Insiders own 1.32% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on ORI shares. Zacks Research raised Old Republic International from a "strong sell" rating to a "hold" rating in a research report on Friday, June 26th. Piper Sandler reduced their price objective on shares of Old Republic International from $40.00 to $39.00 and set a "neutral" rating for the company in a research note on Friday, July 24th. Finally, Weiss Ratings raised shares of Old Republic International from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Old Republic International currently has an average rating of "Moderate Buy" and an average price target of $41.50.

Old Republic International Stock Down 1.0%

Shares of ORI opened at $40.49 on Friday. Old Republic International Corporation has a 12 month low of $36.65 and a 12 month high of $46.76. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $42.12 and a two-hundred day moving average price of $40.70. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 9.57 and a beta of 0.57.

Old Republic International (NYSE:ORI - Get Free Report) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.03). The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.38 billion. Old Republic International had a return on equity of 15.41% and a net margin of 11.71%.Old Republic International's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 EPS. Equities analysts predict that Old Republic International Corporation will post 2.91 EPS for the current fiscal year.

Old Republic International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, September 4th were issued a dividend of $0.315 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.26 annualized dividend and a dividend yield of 3.1%. Old Republic International's dividend payout ratio (DPR) is presently 29.79%.

Old Republic International Company Profile

Old Republic International Corporation NYSE: ORI is an insurance holding company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides property and casualty insurance, title insurance and related services, and mortgage guaranty insurance, primarily serving businesses, real estate professionals, lenders and individual policyholders.

Old Republic's general insurance operations offer commercial insurance products such as workers' compensation, commercial automobile, general and professional liability, property, inland marine, aviation, transportation, and surety coverage.

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