BlackRock Inc. Invests $27.90 Million in Orion S.A. $OEC

Key Points

• BlackRock acquired 4.21 million Orion shares worth approximately $27.9 million, giving it a 7.46% stake. Institutional investors collectively own 94.33% of OEC.
• Orion reported quarterly revenue of $500.9 million, exceeding expectations, but earnings per share of $0.14 fell short of the $0.16 consensus estimate. Analysts expect full-year EPS of $0.08.
• OEC shares opened at $6.16, while analysts maintain a consensus “Strong Sell” rating and a $6.08 target price. Orion also declared a quarterly dividend of $0.0207 per share, implying a 1.3% yield.

BlackRock Inc. acquired a new position in shares of Orion S.A. (NYSE:OEC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,207,863 shares of the specialty chemicals company's stock, valued at approximately $27,898,000. BlackRock Inc. owned about 7.46% of Orion as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OEC. Pzena Investment Management LLC lifted its stake in Orion by 0.4% during the first quarter. Pzena Investment Management LLC now owns 4,599,907 shares of the specialty chemicals company's stock worth $29,899,000 after purchasing an additional 17,311 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Orion by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 2,350,415 shares of the specialty chemicals company's stock valued at $17,816,000 after acquiring an additional 7,045 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Orion by 12.7% during the third quarter. Vanguard Group Inc. now owns 1,894,290 shares of the specialty chemicals company's stock worth $14,359,000 after acquiring an additional 213,339 shares in the last quarter. Invesco Ltd. raised its stake in shares of Orion by 0.4% during the fourth quarter. Invesco Ltd. now owns 1,807,965 shares of the specialty chemicals company's stock worth $9,546,000 after acquiring an additional 7,898 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Orion by 20.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,404,458 shares of the specialty chemicals company's stock worth $7,416,000 after acquiring an additional 236,013 shares during the last quarter. 94.33% of the stock is currently owned by hedge funds and other institutional investors.

Orion Price Performance

OEC stock opened at $6.16 on Thursday. The stock has a market capitalization of $347.88 million, a price-to-earnings ratio of -3.56 and a beta of 0.99. The firm's 50-day moving average price is $6.44 and its two-hundred day moving average price is $6.54. The company has a current ratio of 1.03, a quick ratio of 0.64 and a debt-to-equity ratio of 1.72. Orion S.A. has a 12-month low of $4.34 and a 12-month high of $10.85.

Orion (NYSE:OEC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The specialty chemicals company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.02). Orion had a negative return on equity of 0.31% and a negative net margin of 5.28%.The firm had revenue of $500.90 million for the quarter, compared to analysts' expectations of $474.43 million. As a group, equities analysts predict that Orion S.A. will post 0.08 earnings per share for the current year.

Orion Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Monday, July 6th will be given a $0.0207 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, July 6th. Orion's dividend payout ratio (DPR) is currently -4.62%.

Analysts Set New Price Targets

OEC has been the subject of a number of research reports. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Orion in a research note on Friday, July 17th. Wall Street Zen raised shares of Orion from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. UBS Group upped their price target on shares of Orion from $7.50 to $8.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Finally, Zacks Research raised Orion from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Strong Sell" and a consensus target price of $6.08.

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.

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