Orion (NYSE:OEC) Issues Quarterly Earnings Results

Orion (NYSE:OEC) announced its quarterly earnings results on Wednesday. The specialty chemicals company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.02), FiscalAI reports. The company had revenue of $500.90 million for the quarter, compared to analyst estimates of $474.43 million. Orion had a negative return on equity of 0.31% and a negative net margin of 5.28%.

Orion Price Performance

NYSE:OEC traded down $0.41 during trading hours on Friday, hitting $7.19. 376,073 shares of the stock were exchanged, compared to its average volume of 645,686. The firm’s fifty day moving average price is $6.85 and its 200 day moving average price is $6.58. Orion has a 52-week low of $4.34 and a 52-week high of $11.20. The company has a market cap of $405.50 million, a P/E ratio of -4.18 and a beta of 1.00. The company has a current ratio of 1.00, a quick ratio of 0.62 and a debt-to-equity ratio of 1.75.

Orion Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Monday, July 6th will be issued a $0.0207 dividend. This represents a $0.08 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, July 6th. Orion’s payout ratio is presently -5.00%.

Institutional Investors Weigh In On Orion

A number of hedge funds have recently modified their holdings of OEC. AQR Capital Management LLC grew its holdings in shares of Orion by 361.3% in the fourth quarter. AQR Capital Management LLC now owns 874,279 shares of the specialty chemicals company’s stock valued at $4,616,000 after purchasing an additional 684,749 shares during the period. Verition Fund Management LLC boosted its holdings in Orion by 190.0% in the 3rd quarter. Verition Fund Management LLC now owns 582,141 shares of the specialty chemicals company’s stock valued at $4,413,000 after purchasing an additional 381,388 shares during the last quarter. CastleKnight Management LP grew its stake in shares of Orion by 376.2% in the 4th quarter. CastleKnight Management LP now owns 471,941 shares of the specialty chemicals company’s stock valued at $2,492,000 after buying an additional 372,841 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Orion during the 4th quarter worth approximately $1,910,000. Finally, Fuller & Thaler Asset Management Inc. raised its position in shares of Orion by 68.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 797,905 shares of the specialty chemicals company’s stock valued at $4,213,000 after buying an additional 324,921 shares during the period. 94.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on OEC. UBS Group boosted their price target on Orion from $7.00 to $7.50 and gave the company a “neutral” rating in a report on Friday, May 8th. Zacks Research upgraded shares of Orion from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Wall Street Zen downgraded shares of Orion from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Orion in a report on Friday, July 17th. Two analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and an average price target of $5.92.

About Orion

Orion Engineered Carbons SA, operating as Orion (NYSE: OEC), is a global producer of carbon black, a critical performance additive used to enhance the strength, durability and conductivity of various materials. The company’s products chiefly serve the tire and rubber industry, where carbon black imparts wear resistance and longevity, as well as the plastics, coatings, inks and battery components markets, where specialty grades deliver tailored conductivity and color properties.

Orion’s product portfolio is organized into two core segments: Rubber and Specialty and Chemical Specialties.