Formula Growth Ltd. Buys Shares of 256,633 Orion Group Holdings, Inc. $ORN

Key Points

• Formula Growth Ltd. bought 256,633 shares of Orion Group Holdings, valued at approximately $4.3 million, making the stock its 10th-largest holding and representing 0.63% of Orion’s shares.
• Institutional investors own 70.25% of Orion Group, while insiders recently purchased 28,000 shares worth about $270,820, signaling additional institutional and insider activity.
• Analyst sentiment is mixed, with a consensus “Hold” rating and $17.20 price target. Orion recently missed quarterly EPS and revenue estimates, reporting $0.02 EPS versus the $0.06 consensus and $221.88 million in revenue.

Formula Growth Ltd. purchased a new position in shares of Orion Group Holdings, Inc. (NYSE:ORN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 256,633 shares of the construction company's stock, valued at approximately $4,317,000. Orion Group accounts for about 1.5% of Formula Growth Ltd.'s portfolio, making the stock its 10th largest holding. Formula Growth Ltd. owned 0.63% of Orion Group as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ORN. Bank of America Corp DE acquired a new position in shares of Orion Group during the 2nd quarter valued at about $2,864,000. Man Group plc acquired a new stake in Orion Group during the second quarter worth about $491,000. Legal & General Group Plc purchased a new position in Orion Group during the second quarter worth about $146,000. The Manufacturers Life Insurance Company purchased a new position in Orion Group during the second quarter worth about $177,000. Finally, Group One Trading LLC acquired a new position in Orion Group in the 2nd quarter valued at about $26,000. Institutional investors and hedge funds own 70.25% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ORN. Weiss Ratings cut shares of Orion Group from a "hold (c)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of Orion Group from $16.00 to $19.00 and gave the company an "overweight" rating in a research report on Friday, May 15th. Roth Capital set a $15.00 price objective on Orion Group in a report on Thursday, July 30th. Oppenheimer started coverage on Orion Group in a research report on Tuesday, July 7th. They issued an "outperform" rating and a $20.00 price objective for the company. Finally, Wall Street Zen cut Orion Group from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Orion Group currently has a consensus rating of "Hold" and a consensus price target of $17.20.

Insiders Place Their Bets

In other Orion Group news, Director Mary E. Sullivan purchased 3,000 shares of the business's stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $9.79 per share, for a total transaction of $29,370.00. Following the completion of the purchase, the director directly owned 277,904 shares of the company's stock, valued at approximately $2,720,680.16. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward Chipman Earle purchased 5,000 shares of Orion Group stock in a transaction dated Friday, July 31st. The shares were acquired at an average cost of $9.81 per share, for a total transaction of $49,050.00. Following the transaction, the executive vice president directly owned 150,042 shares of the company's stock, valued at approximately $1,471,912.02. This represents a 3.45% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 28,000 shares of company stock worth $270,820 over the last three months. Company insiders own 5.70% of the company's stock.

Orion Group Stock Up 4.2%

NYSE:ORN opened at $9.72 on Friday. 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 stock's fifty day moving average is $12.30 and its two-hundred day moving average is $12.74. Orion Group Holdings, Inc. has a 52 week low of $7.08 and a 52 week high of $17.40. The stock has a market capitalization of $393.56 million, a price-to-earnings ratio of 108.01 and a beta of 1.40.

Orion Group (NYSE:ORN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The construction company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate 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. Research analysts anticipate that Orion Group Holdings, Inc. will post 0.12 EPS for the current year.

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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