Orion (NYSE:OEC) Issues Earnings Results

Orion (NYSE:OEC) released its quarterly earnings data on Thursday. The specialty chemicals company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.06), reports. Orion had a net margin of 4.09% and a return on equity of 19.21%. The firm had revenue of $463.40 million during the quarter, compared to analysts’ expectations of $489.01 million. Orion updated its FY24 guidance to $1.65-1.75 EPS and its FY 2024 guidance to 1.650-1.750 EPS.

Orion Stock Down 4.7 %

OEC traded down $0.77 during trading hours on Friday, hitting $15.67. 1,332,388 shares of the company’s stock were exchanged, compared to its average volume of 454,653. Orion has a 12-month low of $14.94 and a 12-month high of $28.48. The firm has a 50 day moving average of $16.62 and a 200 day moving average of $20.30. The firm has a market cap of $914.50 million, a P/E ratio of 11.87 and a beta of 1.48. The company has a current ratio of 1.39, a quick ratio of 0.80 and a debt-to-equity ratio of 1.31.

Orion Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Friday, December 13th will be issued a $0.021 dividend. This is a positive change from Orion’s previous quarterly dividend of $0.02. This represents a $0.08 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Friday, December 13th. Orion’s dividend payout ratio is currently 6.06%.

Analysts Set New Price Targets

OEC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Orion from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. StockNews.com cut shares of Orion from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th.

Insider Buying and Selling at Orion

In related news, CEO Corning F. Painter bought 10,000 shares of the stock in a transaction dated Thursday, August 22nd. The stock was acquired at an average price of $17.69 per share, for a total transaction of $176,900.00. Following the acquisition, the chief executive officer now owns 958,776 shares in the company, valued at approximately $16,960,747.44. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Orion

A number of institutional investors have recently modified their holdings of OEC. Oppenheimer & Co. Inc. grew its stake in Orion by 1.9% during the first quarter. Oppenheimer & Co. Inc. now owns 29,600 shares of the specialty chemicals company’s stock worth $696,000 after buying an additional 550 shares during the period. SummerHaven Investment Management LLC raised its holdings in Orion by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 34,371 shares of the specialty chemicals company’s stock valued at $754,000 after acquiring an additional 625 shares in the last quarter. Inspire Investing LLC raised its holdings in Orion by 4.8% in the second quarter. Inspire Investing LLC now owns 16,040 shares of the specialty chemicals company’s stock valued at $352,000 after acquiring an additional 738 shares in the last quarter. ProShare Advisors LLC raised its holdings in Orion by 8.5% in the first quarter. ProShare Advisors LLC now owns 9,956 shares of the specialty chemicals company’s stock valued at $234,000 after acquiring an additional 783 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Orion by 7.7% during the second quarter. Mackenzie Financial Corp now owns 11,949 shares of the specialty chemicals company’s stock worth $262,000 after purchasing an additional 850 shares during the period. Institutional investors and hedge funds own 94.33% of the company’s stock.

Orion Company Profile

Orion SA, together with its subsidiaries, engages in the manufacture and sale of carbon black products. It operates in two segments, Specialty Carbon Black and Rubber Carbon Black. The company offers post-treated specialty carbon black grades for coatings and printing applications; high purity carbon black grades for the fiber industry; and conductive carbon black grades for batteries, polymers, and coatings.