Orbotech Ltd. (ORBK) Shares Down 2%
Shares of Orbotech Ltd. (NASDAQ:ORBK) dropped 2% during trading on Wednesday . The company traded as low as $27.89 and last traded at $28.07, with a volume of 161,383 shares. The stock had previously closed at $28.63.
ORBK has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Orbotech from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 13th. Cowen and Company restated an “outperform” rating and set a $31.00 target price (up from $29.00) on shares of Orbotech in a research report on Friday, May 6th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $29.67.
The stock has a market cap of $1.23 billion and a price-to-earnings ratio of 20.42. The firm’s 50-day moving average is $26.75 and its 200 day moving average is $24.41.
Orbotech (NASDAQ:ORBK) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04. During the same period in the previous year, the company posted $0.53 earnings per share. The firm had revenue of $196 million for the quarter, compared to analysts’ expectations of $194.98 million. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, analysts forecast that Orbotech Ltd. will post $2.47 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in ORBK. Royce & Associates LLC raised its stake in Orbotech by 28.8% in the fourth quarter. Royce & Associates LLC now owns 617,490 shares of the company’s stock valued at $13,665,000 after buying an additional 138,020 shares during the last quarter. Wells Fargo & Company MN raised its stake in Orbotech by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 852,530 shares of the company’s stock valued at $18,867,000 after buying an additional 91,751 shares during the last quarter. Finally, Foresters Investment Management Company Inc. raised its stake in Orbotech by 7.7% in the fourth quarter. Foresters Investment Management Company Inc. now owns 344,500 shares of the company’s stock valued at $7,624,000 after buying an additional 24,500 shares during the last quarter.
Orbotech Ltd. is a supplier of yield-enhancing and process-enabling solutions for the manufacture of electronics products. The Company operates through three segments: Production Solutions for the Electronics Industry, Solar Energy and Recognition Software. The Production Solutions for the Electronics Industry segment includes design, development, manufacture, marketing and servicing of solutions.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.