Miller Howard Investments Inc. NY Lowers Position in Old Republic International Corporation $ORI

Key Points

• Miller Howard Investments trimmed its stake in Old Republic by 1.3% in Q4, selling 26,849 shares and ending the period with 1,996,225 shares worth about $91.11 million, making ORI its 6th-largest holding (2.7% of the portfolio).
• Old Republic missed Q4 consensus with $0.74 EPS vs. $0.89 expected, and analysts have pulled back — Piper Sandler cut its price target to $38 (from $51) while the consensus remains a "Moderate Buy" with a $42.50 target.
• The company raised its quarterly dividend to $0.315 ($1.26 annualized, ~3.0% yield), and recent insider activity included an SVP selling 5,526 shares (16.5% reduction) while a director bought 1,135 shares (36.1% increase).

Miller Howard Investments Inc. NY trimmed its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,996,225 shares of the insurance provider's stock after selling 26,849 shares during the quarter. Old Republic International accounts for 2.7% of Miller Howard Investments Inc. NY's portfolio, making the stock its 6th largest position. Miller Howard Investments Inc. NY owned about 0.81% of Old Republic International worth $91,108,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in shares of Old Republic International in the 4th quarter valued at $26,000. JPL Wealth Management LLC acquired a new stake in shares of Old Republic International during the 3rd quarter valued at about $27,000. Clearstead Trust LLC increased its stake in Old Republic International by 65.6% in the third quarter. Clearstead Trust LLC now owns 727 shares of the insurance provider's stock valued at $31,000 after acquiring an additional 288 shares during the period. Core Alternative Capital bought a new stake in shares of Old Republic International in the 3rd quarter valued at approximately $42,000. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of Old Republic International by 28.1% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 1,013 shares of the insurance provider's stock worth $43,000 after buying an additional 222 shares during the period. 70.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ORI shares. Weiss Ratings cut shares of Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, March 27th. Zacks Research raised shares of Old Republic International from a "strong sell" rating to a "hold" rating in a research note on Monday, March 23rd. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $38.00 price objective (down from $51.00) on shares of Old Republic International in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $42.50.

Insider Activity

In other news, SVP Carolyn Monroe sold 5,526 shares of the company's stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $39.28, for a total value of $217,061.28. Following the completion of the sale, the senior vice president directly owned 27,875 shares of the company's stock, valued at $1,094,930. This represents a 16.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Eric Smith purchased 1,135 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was purchased at an average price of $43.10 per share, for a total transaction of $48,918.50. Following the completion of the transaction, the director directly owned 4,276 shares in the company, valued at $184,295.60. This trade represents a 36.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.32% of the stock is currently owned by insiders.

Old Republic International Stock Performance

ORI stock opened at $42.54 on Monday. Old Republic International Corporation has a twelve month low of $35.60 and a twelve month high of $46.76. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27. The company has a market cap of $10.36 billion, a P/E ratio of 12.55 and a beta of 0.72. The business's fifty day moving average is $41.01 and its 200-day moving average is $42.26.

Old Republic International (NYSE:ORI - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The insurance provider reported $0.74 EPS for the quarter, missing analysts' consensus estimates of $0.89 by ($0.15). Old Republic International had a return on equity of 16.21% and a net margin of 10.24%.During the same period last year, the firm earned $0.90 EPS. Equities research analysts forecast that Old Republic International Corporation will post 3.17 EPS for the current year.

Old Republic International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Monday, March 9th were given a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, March 9th. This is an increase from Old Republic International's previous quarterly dividend of $0.29. Old Republic International's dividend payout ratio is presently 37.17%.

About Old Republic International

Old Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. It operates through three segments: General Insurance, Title Insurance, and Republic Financial Indemnity Group Run-off Business. The General Insurance segment offers aviation, commercial auto, commercial multi-peril, commercial property, general liability, home and auto warranty, inland marine, travel accident, and workers' compensation insurance products; and financial indemnity products for specialty coverages, including errors and omissions, fidelity, directors and officers, and surety.

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