Orion (NYSE:OEC) Posts Earnings Results

Orion (NYSE:OEC) posted its earnings results on Wednesday. The specialty chemicals company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02), FiscalAI reports. The company had revenue of $500.90 million during the quarter, compared to the consensus estimate of $474.43 million. Orion had a negative net margin of 4.98% and a positive return on equity of 2.23%.

Orion Stock Performance

Shares of OEC opened at $6.54 on Thursday. Orion has a 12-month low of $4.34 and a 12-month high of $11.20. The company has a current ratio of 1.00, a quick ratio of 0.62 and a debt-to-equity ratio of 1.75. The company has a market cap of $368.51 million, a PE ratio of -4.08 and a beta of 1.00. The stock has a 50-day moving average price of $6.86 and a 200-day moving average price of $6.57.

Orion Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Monday, July 6th will be issued a $0.0207 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $0.08 annualized dividend and a dividend yield of 1.3%. Orion’s dividend payout ratio (DPR) is presently -5.00%.

Hedge Funds Weigh In On Orion

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP lifted its holdings in shares of Orion by 430.9% during the 4th quarter. Quarry LP now owns 5,861 shares of the specialty chemicals company’s stock worth $31,000 after acquiring an additional 4,757 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Orion by 277.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 11,147 shares of the specialty chemicals company’s stock valued at $59,000 after purchasing an additional 8,194 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Orion by 321.8% during the second quarter. Tower Research Capital LLC TRC now owns 7,382 shares of the specialty chemicals company’s stock worth $77,000 after purchasing an additional 5,632 shares during the last quarter. XTX Topco Ltd bought a new stake in Orion during the fourth quarter worth about $82,000. Finally, Glenmede Investment Management LP purchased a new position in shares of Orion in the 3rd quarter worth about $89,000. Hedge funds and other institutional investors own 94.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on OEC. Zacks Research upgraded shares of Orion from a “strong sell” rating to a “hold” rating in a research note on Tuesday. UBS Group boosted their price objective on Orion from $7.00 to $7.50 and gave the company a “neutral” rating in a research note on Friday, May 8th. Wall Street Zen lowered Orion from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Orion in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Orion currently has an average rating of “Strong Sell” and a consensus 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.