Invenomic Capital Management LP Makes New $3.13 Million Investment in Orion S.A. $OEC

Key Points

• Invenomic Capital Management LP acquired 241,707 shares of Orion S.A., valued at approximately $3.125 million, increasing its ownership stake to about 0.43% as of the latest SEC filing.
• Alongside Invenomic, several institutional investors, including AQR Capital Management and Royal Bank of Canada, have also increased their stakes in Orion during the first quarter.
• Orion S.A. missed analysts' consensus earnings expectations, reporting $0.32 per share compared to the projected $0.36, and announced an interim dividend of $0.0207 targeted for October 8th.

Invenomic Capital Management LP acquired a new position in shares of Orion S.A. (NYSE:OEC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 241,707 shares of the specialty chemicals company's stock, valued at approximately $3,125,000. Invenomic Capital Management LP owned about 0.43% of Orion as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of OEC. AQR Capital Management LLC boosted its position in Orion by 86.2% during the 1st quarter. AQR Capital Management LLC now owns 149,128 shares of the specialty chemicals company's stock valued at $1,928,000 after purchasing an additional 69,054 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Orion during the 1st quarter worth $4,019,000. Royal Bank of Canada boosted its position in Orion by 10.7% during the 1st quarter. Royal Bank of Canada now owns 283,138 shares of the specialty chemicals company's stock worth $3,661,000 after acquiring an additional 27,442 shares during the period. Quarry LP acquired a new position in Orion during the 1st quarter worth $59,000. Finally, Trexquant Investment LP boosted its position in Orion by 1,380.1% during the 1st quarter. Trexquant Investment LP now owns 193,365 shares of the specialty chemicals company's stock worth $2,500,000 after acquiring an additional 180,301 shares during the period. 94.33% of the stock is currently owned by hedge funds and other institutional investors.

Orion Stock Performance

NYSE:OEC traded up $0.16 during mid-day trading on Thursday, hitting $10.32. 78,816 shares of the company's stock traded hands, compared to its average volume of 590,252. The firm has a 50 day moving average of $10.56 and a two-hundred day moving average of $11.44. Orion S.A. has a 12 month low of $9.03 and a 12 month high of $19.48. The firm has a market capitalization of $579.36 million, a price-to-earnings ratio of 38.15 and a beta of 1.05. The company has a current ratio of 1.10, a quick ratio of 0.64 and a debt-to-equity ratio of 1.46.

Orion (NYSE:OEC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The specialty chemicals company reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.04). Orion had a return on equity of 16.67% and a net margin of 0.82%.The firm had revenue of $466.40 million during the quarter, compared to the consensus estimate of $475.77 million. During the same quarter in the prior year, the business posted $0.41 EPS. Orion's revenue was down 2.2% compared to the same quarter last year. On average, equities analysts forecast that Orion S.A. will post 1.73 earnings per share for the current fiscal year.

Orion Announces Dividend

The company also recently disclosed a interim dividend, which will be paid on Wednesday, October 8th. Shareholders of record on Monday, July 7th will be given a $0.0207 dividend. The ex-dividend date is Monday, July 7th. This represents a dividend yield of 80.0%. Orion's dividend payout ratio (DPR) is currently 29.63%.

Wall Street Analysts Forecast Growth

OEC has been the topic of a number of research reports. Mizuho dropped their price objective on Orion from $12.00 to $10.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Zacks Research raised Orion to a "strong sell" rating in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $9.00 target price (down from $10.00) on shares of Orion in a research report on Monday, August 11th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $12.00.

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.