Orbotech Ltd. (ORBK) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of Orbotech Ltd. (NASDAQ:ORBK) from a buy rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Orbotech LTD. is the world leader in the design, development, manufacture and marketing of AOI systems for use in the manufacture of printed circuit boards and flat panel displays and is a leader in the design, development, manufacture and marketing of imaging solutions for PCB production and of AOI systems for use in the electronics assembly industry. They market computer aided manufacturing solutions for PCB production and continue to develop its proprietary AOI technologies for use in other applications both within and outside the electronics industry. (press release) “
A number of other brokerages also recently weighed in on ORBK. Jefferies Group LLC reaffirmed a buy rating and set a $42.00 price target on shares of Orbotech in a report on Tuesday, September 12th. Stifel Nicolaus began coverage on shares of Orbotech in a report on Thursday, August 31st. They set a buy rating and a $46.00 price target for the company. BidaskClub downgraded shares of Orbotech from a hold rating to a sell rating in a report on Thursday, August 3rd. Needham & Company LLC reaffirmed a buy rating and set a $40.00 price target (up previously from $38.00) on shares of Orbotech in a report on Thursday, August 3rd. Finally, Supply Chain Market Research LLC upped their price target on shares of Orbotech from $37.00 to $43.00 and gave the stock an outperform rating in a report on Monday, August 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $41.88.
Orbotech (ORBK) traded down 1.59% during mid-day trading on Wednesday, hitting $42.15. 72,784 shares of the stock traded hands. Orbotech has a 52 week low of $26.83 and a 52 week high of $43.45. The firm has a market cap of $2.02 billion, a P/E ratio of 22.62 and a beta of 0.79. The firm’s 50-day moving average price is $40.53 and its 200-day moving average price is $35.90.
Orbotech (NASDAQ:ORBK) last issued its quarterly earnings results 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. Orbotech had a net margin of 11.03% and a return on equity of 14.98%. The company had revenue of $210.66 million during the quarter, compared to the consensus estimate of $205.20 million. During the same quarter in the prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts forecast that Orbotech will post $2.80 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in ORBK. Menora Mivtachim Holdings LTD. acquired a new position in Orbotech during the 2nd quarter worth approximately $23,095,000. Ameriprise Financial Inc. increased its position in Orbotech by 58.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,692,486 shares of the electronics maker’s stock worth $55,209,000 after purchasing an additional 622,014 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd increased its position 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 purchasing an additional 577,756 shares in the last quarter. Royce & Associates LP increased its position 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 purchasing an additional 258,153 shares in the last quarter. Finally, Monarch Partners Asset Management LLC acquired a new position in Orbotech during the 2nd quarter worth approximately $7,992,000. Institutional investors and hedge funds own 69.87% of the company’s stock.
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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