Miller Howard Investments Inc. NY Sells 337,275 Shares of Old Republic International Corporation $ORI

Key Points

• Miller Howard Investments cut its stake in Old Republic International by 16.9% in the first quarter, selling 337,275 shares and leaving it with 1,658,950 shares worth about $66.2 million.
• Analyst sentiment is mixed, with a consensus rating of “Moderate Buy” and an average price target of $42.00, even as some firms raised targets and others issued downgrades.
• Old Republic reported softer-than-expected earnings for the quarter, posting $0.68 EPS versus the $0.79 estimate, while revenue came in slightly above expectations and the company continued paying a quarterly dividend of $0.315 per share.

Miller Howard Investments Inc. NY decreased its position in Old Republic International Corporation (NYSE:ORI - Free Report) by 16.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,658,950 shares of the insurance provider's stock after selling 337,275 shares during the quarter. Old Republic International comprises approximately 1.8% of Miller Howard Investments Inc. NY's investment portfolio, making the stock its 13th biggest position. Miller Howard Investments Inc. NY owned about 0.68% of Old Republic International worth $66,192,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Old Republic International in the 4th quarter valued at $26,000. Torren Management LLC acquired a new stake in shares of Old Republic International during the fourth quarter worth $27,000. Commonwealth Retirement Investments LLC bought a new stake in shares of Old Republic International in the fourth quarter valued at about $27,000. JPL Wealth Management LLC bought a new stake in shares of Old Republic International in the third quarter valued at about $27,000. Finally, Quest 10 Wealth Builders Inc. bought a new position in Old Republic International during the fourth quarter worth about $31,000. 70.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of Old Republic International from $38.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Weiss Ratings cut shares of Old Republic International from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, March 27th. Zacks Research downgraded shares of Old Republic International from a "hold" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Finally, Raymond James Financial set a $44.00 price target on shares of Old Republic International in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $42.00.

Insider Activity

In related news, SVP Carolyn Monroe sold 13,330 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $38.76, for a total transaction of $516,670.80. Following the completion of the transaction, the senior vice president directly owned 32,261 shares in the company, valued at $1,250,436.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.32% of the company's stock.

Old Republic International Stock Up 2.0%

ORI stock opened at $39.86 on Wednesday. Old Republic International Corporation has a 52 week low of $35.60 and a 52 week high of $46.76. The business has a 50-day simple moving average of $39.38 and a 200 day simple moving average of $41.12. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.27. The company has a market cap of $9.68 billion, a PE ratio of 10.69 and a beta of 0.59.

Old Republic International (NYSE:ORI - Get Free Report) last released its earnings results on Thursday, April 23rd. The insurance provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. Old Republic International had a net margin of 10.83% and a return on equity of 15.71%. Old Republic International's quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 earnings per share. Sell-side analysts anticipate that Old Republic International Corporation will post 2.95 EPS for the current fiscal year.

Old Republic International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a dividend of $0.315 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.26 annualized dividend and a dividend yield of 3.2%. Old Republic International's payout ratio is 33.78%.

Old Republic International Profile

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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