Orbotech Ltd. (ORBK) Holdings Trimmed by Summit Global Investments
Summit Global Investments reduced its holdings in shares of Orbotech Ltd. (NASDAQ:ORBK) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,500 shares of the electronics maker’s stock after selling 400 shares during the period. Summit Global Investments’ holdings in Orbotech were worth $473,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of ORBK. Menora Mivtachim Holdings LTD. acquired a new stake in Orbotech during the 2nd quarter worth about $23,095,000. Victory Capital Management Inc. grew its holdings in Orbotech by 249.2% during the 1st quarter. Victory Capital Management Inc. now owns 878,708 shares of the electronics maker’s stock worth $28,338,000 after acquiring an additional 627,098 shares during the period. Clal Insurance Enterprises Holdings Ltd grew its holdings in Orbotech by 40.6% during the 2nd quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,001,779 shares of the electronics maker’s stock worth $65,298,000 after acquiring an additional 577,756 shares during the period. Ameriprise Financial Inc. grew its holdings in Orbotech by 79.1% during the 1st quarter. Ameriprise Financial Inc. now owns 1,070,472 shares of the electronics maker’s stock worth $34,523,000 after acquiring an additional 472,680 shares during the period. Finally, Royce & Associates LP grew its holdings in Orbotech by 39.3% during the 2nd quarter. Royce & Associates LP now owns 915,243 shares of the electronics maker’s stock worth $29,855,000 after acquiring an additional 258,153 shares during the period. Hedge funds and other institutional investors own 69.92% of the company’s stock.
Orbotech Ltd. (NASDAQ:ORBK) opened at 42.77 on Friday. Orbotech Ltd. has a 1-year low of $26.83 and a 1-year high of $43.07. The firm’s 50-day moving average price is $38.26 and its 200-day moving average price is $34.70. The firm has a market cap of $2.05 billion, a P/E ratio of 22.96 and a beta of 0.78.
Orbotech (NASDAQ:ORBK) last announced its quarterly earnings data on Wednesday, August 2nd. The electronics maker reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.08. The business had revenue of $210.66 million for the quarter, compared to analysts’ expectations of $205.20 million. Orbotech had a net margin of 11.03% and a return on equity of 14.98%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. Equities research analysts anticipate that Orbotech Ltd. will post $2.80 earnings per share for the current fiscal year.
A number of analysts have weighed in on ORBK shares. Zacks Investment Research downgraded Orbotech from a “buy” rating to a “hold” rating in a report on Saturday, September 2nd. Supply Chain Market Research LLC raised their target price on Orbotech from $37.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. BidaskClub downgraded Orbotech from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Jefferies Group LLC restated a “buy” rating and issued a $42.00 target price on shares of Orbotech in a research note on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and issued a $40.00 target price (up from $38.00) on shares of Orbotech in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Orbotech currently has a consensus rating of “Buy” and a consensus target price of $42.13.
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Orbotech Ltd. is a supplier of yield-enhancing and process-enabling solutions for the manufacture of electronics products. The Company provides cutting-edge solutions for use in the manufacture of printed circuit boards (PCBs), flat panel displays (FPDs) and semiconductor devices (SDs). The Company’s segments include Production Solutions for the Electronics Industry, Solar Energy and Recognition Software.
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