Orion Engineered Carbons (NYSE:OEC) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Orion Engineered Carbons (NYSE:OEC) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Orion Engineered Carbons S.A. operates as a supplier of Carbon Black. It offers products for Coatings, Printing Inks, Polymers, Rubber and other applications. Orion operates in two segments: Specialty Carbon Black and Rubber Carbon Black. The Company’s Gas Blacks, Furnace Blacks and Specialty Carbon Blacks tint, colorize and enhance the performance of plastics, paints and coatings, inks and toners, adhesives and sealants, tires, and manufactured rubber goods such as automotive belts and hoses. Orion Engineered Carbons S.A. is headquartered in Luxembourg. “

Other research analysts have also recently issued research reports about the company. UBS Group dropped their price target on Orion Engineered Carbons from $26.00 to $24.00 and set a buy rating on the stock in a report on Tuesday, January 4th. Loop Capital lifted their price objective on shares of Orion Engineered Carbons from $26.00 to $28.00 and gave the stock a buy rating in a research report on Monday, November 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Orion Engineered Carbons currently has a consensus rating of Hold and a consensus target price of $22.40.

NYSE OEC opened at $19.20 on Wednesday. The stock has a market capitalization of $1.16 billion, a P/E ratio of 8.17 and a beta of 1.74. Orion Engineered Carbons has a 1 year low of $15.23 and a 1 year high of $22.45. The business’s fifty day moving average is $18.43 and its two-hundred day moving average is $18.29. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.14 and a current ratio of 1.67.

Orion Engineered Carbons (NYSE:OEC) last posted its quarterly earnings results on Thursday, November 4th. The specialty chemicals company reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.05. The company had revenue of $393.07 million for the quarter, compared to analysts’ expectations of $382.40 million. Orion Engineered Carbons had a return on equity of 47.87% and a net margin of 9.70%. The firm’s revenue was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 earnings per share. On average, research analysts forecast that Orion Engineered Carbons will post 1.88 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 12th. Stockholders of record on Wednesday, January 5th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Tuesday, January 4th. Orion Engineered Carbons’s dividend payout ratio is currently 3.40%.

In other Orion Engineered Carbons news, CEO Corning F. Painter acquired 30,000 shares of Orion Engineered Carbons stock in a transaction that occurred on Tuesday, November 30th. The stock was acquired at an average price of $17.39 per share, with a total value of $521,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Robert G. Hrivnak acquired 2,500 shares of Orion Engineered Carbons stock in a transaction that occurred on Wednesday, November 10th. The stock was acquired at an average cost of $20.07 per share, with a total value of $50,175.00. The disclosure for this purchase can be found here. Insiders own 0.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in OEC. William Blair Investment Management LLC lifted its position in Orion Engineered Carbons by 86.4% during the 3rd quarter. William Blair Investment Management LLC now owns 4,857,464 shares of the specialty chemicals company’s stock worth $88,552,000 after acquiring an additional 2,251,199 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Orion Engineered Carbons by 17.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,928,673 shares of the specialty chemicals company’s stock worth $93,596,000 after acquiring an additional 731,827 shares during the last quarter. Invesco Ltd. lifted its position in Orion Engineered Carbons by 297.6% during the 2nd quarter. Invesco Ltd. now owns 562,037 shares of the specialty chemicals company’s stock worth $10,673,000 after acquiring an additional 420,691 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new position in Orion Engineered Carbons during the 3rd quarter worth $7,244,000. Finally, Pendal Group Ltd acquired a new position in Orion Engineered Carbons during the 3rd quarter worth $6,894,000. 89.25% of the stock is owned by hedge funds and other institutional investors.

About Orion Engineered Carbons

Orion Engineered Carbons SA engages in the production and supply of carbon black. It operates through the following segments: Specialty Carbon Black and Rubber Carbon Black. The Specialty Carbon Black segment manufactures specialty carbon black at multiple sites for a broad range of specialized applications.

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