Healthy Upside Potential: Orion Office REIT Inc. (ONL)

Orion Office REIT Inc. (NYSE: ONL) stock fell -0.73% on Monday to $5.41 against a previous-day closing price of $5.45. With 1.72 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.83 million shares. During the session, the REIT – Office company that operates in wider Real Estate sector, reached to the highest price of $5.62 whereas the lowest price it dropped to was $5.38. The 52-week range on ONL shows that it touched its highest point at $10.05 and its lowest point at $5.11 during that stretch. It currently has a 1-year price target of $8.00. With its current market cap of 312.37 million, ONL has annualized dividend of $0.40 while the current yield stands at 7.39%. Beta for the stock currently stands at 0.94.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ONL was down-trending over the past week, with a drop of -1.10%, but this was down by -12.18% over a month. Three-month performance dropped to -18.65% while six-month performance fell -6.72%. The stock lost -45.08% in the past year, while it has lost -36.65% so far this year.

Float and Shares Shorts:

At present, 56.68 million ONL shares are outstanding with a float of 52.12 million shares on hand for trading. On Aug 30, 2023, short shares totaled 3.24 million, which was 5.71% higher than short shares on Jul 30, 2023. In addition to Mr. Paul H. McDowell as the firm’s CEO, Pres & Director, Mr. Gavin B. Brandon serves as its Exec. VP, CFO & Treasurer.

Institutional Ownership:

Through their ownership of 91.24% of ONL’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 53.42% of ONL, in contrast to 41.25% held by mutual funds. Shares owned by individuals account for 0.86%. As the largest shareholder in ONL with 15.64% of the stake, BlackRock Fund Advisors holds 8,867,938 shares worth 8,867,938. A second-largest stockholder of ONL, The Vanguard Group, Inc., holds 6,312,534 shares, controlling over 11.13% of the firm’s shares. Madison Avenue Partners LP is the third largest shareholder in ONL, holding 4,095,901 shares or 7.22% stake. With a 7.06% stake in ONL, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 4,001,857 shares are owned by the mutual fund manager. The Vanguard Real Estate Index Fund, which owns about 3.98% of ONL stock, is the second-largest Mutual Fund holder. It holds 2,253,491 shares valued at 13.14 million. Vanguard Total Stock Market ETF holds 3.23% of the stake in ONL, owning 1,829,577 shares worth 10.67 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, ONL reported revenue of $52.85M and operating income of $574.00k. The EBITDA in the recently reported quarter was $34.40M and diluted EPS was -$0.27.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ONL since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ONL analysts setting a high price target of $8.00 and a low target of $8.00, the average target price over the next 12 months is $8.00. Based on these targets, ONL could surge 47.87% to reach the target high and rise by 47.87% to reach the target low. Reaching the average price target will result in a growth of 47.87% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded ONL stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 11 while that of sell transactions has risen to 11 over the past year. The total number of shares bought during that period was 293,891 while 12,145 shares were sold.

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