Canaccord Genuity Reiterates “Hold” Rating for Orion Group Holdings, Inc. (ORN)
Orion Group Holdings, Inc. (NYSE:ORN)‘s stock had its “hold” rating reissued by equities research analysts at Canaccord Genuity in a note issued to investors on Thursday. They presently have a $7.00 price objective on the construction company’s stock. Canaccord Genuity’s target price would suggest a potential upside of 1.74% from the stock’s previous close.
The analysts wrote, “We believe that ORN could warrant a Buy rating once the impact from the recent hurricanes is reflected in consensus estimates. While headwinds were likely significant for revenues and even more so for operating income, the subsequent expected pick-up in dredging activity should be meaningful and last for multiple quarters. We also believe the company’s strategy to expand its industrial work is gaining greater clarity and offers substantial longer-term opportunities for growth and margin expansion. For now, we reiterate our HOLD ahead of what are likely to be imminent estimate reductions.””
ORN has been the topic of a number of other reports. FBR & Co reduced their price objective on shares of Orion Group Holdings from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 18th. Zacks Investment Research lowered shares of Orion Group Holdings from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $8.33.
Shares of Orion Group Holdings (NYSE ORN) traded up 1.62% during trading on Thursday, reaching $6.88. 51,595 shares of the company traded hands. The company has a 50 day moving average price of $5.91 and a 200 day moving average price of $6.95. Orion Group Holdings has a 12-month low of $5.17 and a 12-month high of $11.11. The firm’s market capitalization is $194.04 million.
Orion Group Holdings (NYSE:ORN) last posted its earnings results on Thursday, August 3rd. The construction company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.16). Orion Group Holdings had a positive return on equity of 1.37% and a negative net margin of 0.98%. The business had revenue of $137.40 million for the quarter, compared to the consensus estimate of $161.68 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. The company’s revenue was down 2.1% compared to the same quarter last year. On average, equities analysts predict that Orion Group Holdings will post $0.02 EPS for the current year.
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Large investors have recently bought and sold shares of the company. QS Investors LLC boosted its stake in shares of Orion Group Holdings by 94.3% in the 2nd quarter. QS Investors LLC now owns 13,626 shares of the construction company’s stock valued at $102,000 after purchasing an additional 6,613 shares during the last quarter. Stevens Capital Management LP boosted its stake in shares of Orion Group Holdings by 8.7% in the 2nd quarter. Stevens Capital Management LP now owns 14,314 shares of the construction company’s stock valued at $107,000 after purchasing an additional 1,151 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Orion Group Holdings by 1.4% in the 1st quarter. Arizona State Retirement System now owns 14,435 shares of the construction company’s stock valued at $108,000 after purchasing an additional 200 shares during the last quarter. Trexquant Investment LP boosted its stake in shares of Orion Group Holdings by 41.0% in the 1st quarter. Trexquant Investment LP now owns 14,848 shares of the construction company’s stock valued at $111,000 after purchasing an additional 4,316 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Orion Group Holdings in the 2nd quarter valued at $133,000. 87.79% of the stock is currently owned by institutional investors.
About Orion Group Holdings
Orion Group Holdings, Inc, formerly Orion Marine Group, Inc, is engaged in heavy civil construction project management business. The Company specializes in marine construction. It provides a range of heavy civil marine construction services to federal agencies, state and municipal governments, and private commercial and industrial customers.
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