New York State Common Retirement Fund Sells 41,991 Shares of Orbotech Ltd. (ORBK)
New York State Common Retirement Fund lowered its position in Orbotech Ltd. (NASDAQ:ORBK) by 17.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 198,257 shares of the electronics maker’s stock after selling 41,991 shares during the period. New York State Common Retirement Fund owned 0.41% of Orbotech worth $6,467,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Legal & General Group Plc boosted its holdings in Orbotech by 293.4% in the second quarter. Legal & General Group Plc now owns 4,327 shares of the electronics maker’s stock worth $141,000 after acquiring an additional 3,227 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Orbotech by 40.9% in the first quarter. Envestnet Asset Management Inc. now owns 5,095 shares of the electronics maker’s stock worth $165,000 after acquiring an additional 1,479 shares in the last quarter. Airain ltd bought a new position in Orbotech in the second quarter worth approximately $208,000. OppenheimerFunds Inc. bought a new position in Orbotech in the first quarter worth approximately $242,000. Finally, FNY Partners Fund LP bought a new position in Orbotech in the first quarter worth approximately $298,000. Institutional investors and hedge funds own 69.88% of the company’s stock.
Orbotech (NASDAQ:ORBK) last posted its earnings results on Wednesday, August 2nd. The electronics maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.08. Orbotech had a return on equity of 14.98% and a net margin of 11.03%. The firm had revenue of $210.66 million for the quarter, compared to the consensus estimate of $205.20 million. During the same quarter in the prior year, the business earned $0.60 EPS. The business’s revenue for the quarter was up 7.5% on a year-over-year basis.
ORBK has been the topic of several recent research reports. Zacks Investment Research upgraded Orbotech from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Wednesday, August 9th. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price target (up previously from $38.00) on shares of Orbotech in a report on Thursday, August 3rd. BidaskClub upgraded Orbotech from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Stifel Nicolaus initiated coverage on Orbotech in a report on Thursday, August 31st. They issued a “buy” rating and a $46.00 price target on the stock. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $42.00 price target on shares of Orbotech in a report on Tuesday, September 12th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $41.88.
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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