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.

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