Norges Bank Acquires New Position in Orla Mining Ltd. $ORLA

Norges Bank acquired a new stake in shares of Orla Mining Ltd. (NYSEAMERICAN:ORLA) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 2,584,183 shares of the company’s stock, valued at approximately $34,756,000.

Other hedge funds also recently made changes to their positions in the company. Tudor Investment Corp ET AL bought a new position in shares of Orla Mining during the 3rd quarter valued at approximately $776,000. Gabelli Funds LLC grew its stake in shares of Orla Mining by 9.7% during the 3rd quarter. Gabelli Funds LLC now owns 1,125,800 shares of the company’s stock valued at $12,159,000 after acquiring an additional 100,000 shares during the period. Quantbot Technologies LP bought a new position in shares of Orla Mining during the 3rd quarter valued at approximately $976,000. Forge First Asset Management Inc. bought a new position in shares of Orla Mining during the 3rd quarter valued at approximately $1,079,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Orla Mining by 41.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,251,539 shares of the company’s stock valued at $78,194,000 after acquiring an additional 2,111,765 shares during the period. 43.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ORLA. TD Cowen upgraded Orla Mining from a “hold” rating to a “buy” rating in a research note on Wednesday, May 20th. Zacks Research raised Orla Mining from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. TD Securities raised Orla Mining from a “hold” rating to a “buy” rating in a report on Wednesday, May 20th. Finally, ATB Cormark Capital Markets raised Orla Mining from a “hold” rating to a “moderate buy” rating in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. Based on data from MarketBeat.com, Orla Mining has a consensus rating of “Buy” and an average target price of $27.00.

Orla Mining Stock Up 0.4%

NYSEAMERICAN ORLA opened at $10.85 on Tuesday. The stock’s 50 day moving average is $14.40 and its 200 day moving average is $15.13. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 0.39. Orla Mining Ltd. has a 12 month low of $9.16 and a 12 month high of $21.98. The stock has a market cap of $3.75 billion, a PE ratio of 15.96 and a beta of 0.21.

Orla Mining Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Investors of record on Tuesday, May 26th will be issued a $0.015 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $0.06 dividend on an annualized basis and a yield of 0.6%. Orla Mining’s payout ratio is currently -599.40%.

About Orla Mining

Orla Mining is a Canada-based mineral exploration and development company focused on advancing gold and silver projects in the Americas. Its flagship asset is the Cerro Quema oxide gold-silver project in Panama, where the company holds approximately 13,000 hectares of mineral concessions. Through feasibility studies and pilot plant testing, Orla has demonstrated the potential of heap leach processing at Cerro Quema, positioning the asset for transition into construction and production phases.

In addition to Cerro Quema, Orla Mining expanded its portfolio in early 2023 with the acquisition of the Gold Springs project located along the Utah–Nevada border in the United States.