Old Republic International Co. (ORI) Sees Large Growth in Short Interest

Old Republic International Co. (NYSE:ORI) saw a significant increase in short interest in December. As of December 15th, there was short interest totalling 5,638,791 shares, an increase of 83.4% from the November 30th total of 3,074,282 shares. Based on an average daily volume of 1,601,805 shares, the days-to-cover ratio is presently 3.5 days. Approximately 2.3% of the company’s shares are short sold.

In related news, VP Charles S. Boone sold 15,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $20.96, for a total value of $314,400.00. Following the completion of the transaction, the vice president now owns 22,750 shares in the company, valued at approximately $476,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO R Scott Rager sold 47,500 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $21.00, for a total value of $997,500.00. Following the sale, the chief operating officer now directly owns 40,000 shares in the company, valued at $840,000. The disclosure for this sale can be found here. Insiders have sold a total of 81,552 shares of company stock worth $1,711,992 in the last ninety days. Insiders own 2.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Knightsbridge Asset Management LLC grew its stake in shares of Old Republic International by 1.2% in the third quarter. Knightsbridge Asset Management LLC now owns 401,187 shares of the insurance provider’s stock worth $7,899,000 after acquiring an additional 4,853 shares in the last quarter. Susquehanna International Group LLP grew its stake in shares of Old Republic International by 84.5% in the third quarter. Susquehanna International Group LLP now owns 26,935 shares of the insurance provider’s stock worth $530,000 after acquiring an additional 12,335 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Old Republic International by 91.5% in the third quarter. Public Employees Retirement System of Ohio now owns 207,837 shares of the insurance provider’s stock worth $4,092,000 after acquiring an additional 99,292 shares in the last quarter. Moors & Cabot Inc. acquired a new position in shares of Old Republic International in the third quarter worth $206,000. Finally, California Public Employees Retirement System grew its stake in shares of Old Republic International by 4.3% in the third quarter. California Public Employees Retirement System now owns 614,969 shares of the insurance provider’s stock worth $12,109,000 after acquiring an additional 25,486 shares in the last quarter. 70.64% of the stock is currently owned by institutional investors.

Shares of Old Republic International (ORI) opened at $19.79 on Tuesday. The company has a market cap of $5,220.73, a P/E ratio of 14.45 and a beta of 1.36. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. Old Republic International has a 12-month low of $17.92 and a 12-month high of $21.56.

Old Republic International (NYSE:ORI) last announced its earnings results on Thursday, October 26th. The insurance provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.52 billion. Old Republic International had a return on equity of 7.50% and a net margin of 6.45%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 earnings per share. analysts forecast that Old Republic International will post 1.17 earnings per share for the current year.

The company also recently announced a None dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Wednesday, January 10th will be given a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. Old Republic International’s payout ratio is 55.47%.

Several equities research analysts recently issued reports on the company. Zacks Investment Research upgraded Old Republic International from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Thursday, December 28th. Raymond James Financial upgraded Old Republic International from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $23.00 to $25.00 in a report on Monday, October 30th.

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About Old Republic International

Old Republic International Corporation is a holding company. The Company is engaged in business of insurance underwriting and related services. The Company conducts its operations through various regulated insurance company subsidiaries, which are organized into three segments: General Insurance Group, Title Insurance Group and the Republic Financial Indemnity Group (RFIG) Run-off Business.

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