Formula Growth Ltd. Takes Position in Orion Group Holdings, Inc. $ORN

Formula Growth Ltd. bought a new stake in Orion Group Holdings, Inc. (NYSE:ORN) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 256,633 shares of the construction company’s stock, valued at approximately $4,317,000. Orion Group accounts for 1.5% of Formula Growth Ltd.’s investment portfolio, making the stock its 10th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Orion Group in the 2nd quarter valued at about $50,595,000. Wasatch Advisors LP acquired a new position in shares of Orion Group during the second quarter worth about $12,885,000. Invesco Ltd. grew its position in shares of Orion Group by 79.4% during the third quarter. Invesco Ltd. now owns 1,271,358 shares of the construction company’s stock worth $10,578,000 after buying an additional 562,863 shares in the last quarter. Simcoe Capital LLC purchased a new stake in shares of Orion Group during the fourth quarter worth approximately $4,509,000. Finally, De Lisle Partners LLP purchased a new stake in shares of Orion Group during the second quarter worth approximately $7,067,000. 70.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Robert Ledford bought 20,000 shares of the stock in a transaction dated Friday, July 31st. The stock was acquired at an average price of $9.62 per share, for a total transaction of $192,400.00. Following the acquisition, the director owned 43,112 shares in the company, valued at approximately $414,737.44. This represents a 86.54% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mary E. Sullivan bought 3,000 shares of the stock in a transaction dated Friday, July 31st. The stock was bought at an average price of $9.79 per share, with a total value of $29,370.00. Following the acquisition, the director owned 277,904 shares in the company, valued at approximately $2,720,680.16. This represents a 1.09% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 28,000 shares of company stock valued at $270,820. 5.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on ORN. Oppenheimer assumed coverage on shares of Orion Group in a report on Tuesday, July 7th. They issued an “outperform” rating and a $20.00 target price on the stock. Wall Street Zen cut shares of Orion Group from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 1st. Zacks Research downgraded shares of Orion Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. raised their price objective on shares of Orion Group from $16.00 to $19.00 and gave the company an “overweight” rating in a report on Friday, May 15th. Finally, Weiss Ratings cut shares of Orion Group from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.20.

Orion Group Trading Up 4.2%

ORN opened at $9.72 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.51 and a current ratio of 1.52. Orion Group Holdings, Inc. has a one year low of $7.08 and a one year high of $17.40. The company has a market cap of $393.56 million, a P/E ratio of 108.01 and a beta of 1.40. The business’s 50-day simple moving average is $12.30 and its 200-day simple moving average is $12.74.

Orion Group (NYSE:ORN) last posted its earnings results on Wednesday, July 29th. The construction company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.04). The business had revenue of $221.88 million for the quarter, compared to analysts’ expectations of $225.72 million. Orion Group had a return on equity of 3.07% and a net margin of 0.40%. As a group, equities research analysts expect that Orion Group Holdings, Inc. will post 0.12 EPS for the current fiscal year.

Orion Group Company 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.