Canaccord Genuity Reaffirms Hold Rating for Orion Group Holdings, Inc. (ORN)

Canaccord Genuity restated their hold rating on shares of Orion Group Holdings, Inc. (NYSE:ORN) in a report published on Wednesday morning. The firm currently has a $7.00 target price on the construction company’s stock.

“We hosted senior management of ORN for a day of meetings in Boston. Interest was high, and while we continue to expect some near-term weakness for the stock once 2017 guidance is reduced, pressure could be short-lived considering dredging and reconstruction opportunities. Nevertheless, we prefer to get the number cut out of the way prior to any potential upgrade, and remain HOLD for now. Investment highlights We continue to await an update to Q3/17 results and anticipate both a near-term drag to revenues and profits with approximately 85% of the business impacted by hurricane- related delays in some capacity (with some delays as long as 3.5 weeks).”,” Canaccord Genuity’s analyst commented.

A number of other brokerages also recently issued reports on ORN. Zacks Investment Research downgraded Orion Group Holdings from a buy rating to a hold rating in a research report on Thursday, July 6th. FBR & Co cut their price objective on Orion Group Holdings from $12.00 to $10.00 and set a buy rating for the company in a research report on Friday, August 18th.

Orion Group Holdings (NYSE ORN) traded down 0.28% on Wednesday, hitting $7.06. 81,830 shares of the stock were exchanged. The stock’s 50 day moving average price is $6.43 and its 200 day moving average price is $6.92. The firm’s market cap is $199.11 million. Orion Group Holdings has a 52-week low of $5.17 and a 52-week high of $11.11.

Orion Group Holdings (NYSE:ORN) last issued its quarterly earnings data on Thursday, August 3rd. The construction company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.16). The business had revenue of $137.40 million for the quarter, compared to analyst estimates of $161.68 million. Orion Group Holdings had a positive return on equity of 1.37% and a negative net margin of 0.98%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) earnings per share. Equities research analysts forecast that Orion Group Holdings will post $0.02 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in Orion Group Holdings by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,968,372 shares of the construction company’s stock valued at $14,704,000 after acquiring an additional 159,616 shares in the last quarter. Vanguard Group Inc. grew its position in Orion Group Holdings by 14.3% in the 1st quarter. Vanguard Group Inc. now owns 1,436,313 shares of the construction company’s stock valued at $10,730,000 after acquiring an additional 179,950 shares in the last quarter. State Street Corp grew its position in Orion Group Holdings by 7.0% in the 2nd quarter. State Street Corp now owns 676,107 shares of the construction company’s stock valued at $5,049,000 after acquiring an additional 44,198 shares in the last quarter. Russell Investments Group Ltd. grew its position in Orion Group Holdings by 18.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 674,663 shares of the construction company’s stock valued at $5,039,000 after acquiring an additional 103,429 shares in the last quarter. Finally, Brandes Investment Partners LP grew its position in Orion Group Holdings by 24.7% in the 2nd quarter. Brandes Investment Partners LP now owns 336,759 shares of the construction company’s stock valued at $2,516,000 after acquiring an additional 66,610 shares in the last quarter. 87.79% of the stock is owned by institutional investors.

Orion Group Holdings Company Profile

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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