Pzena Investment Management LLC Acquires Shares of 4,771,969 Orion S.A. $OEC

Key Points

• Pzena Investment Management acquired 4,771,969 Orion shares worth approximately $31.6 million, giving it an 8.46% stake. Institutional investors collectively own 94.33% of the company.
• Orion shares opened at $6.21, below the consensus analyst target of $6.08? Wait, $6.21 is above target. Stock remains under pressure, down 3.6%, with analysts assigning a consensus “Strong Sell” rating.
• Orion reported quarterly EPS of $0.14, missing estimates of $0.16, while revenue of $500.9 million exceeded expectations. The company declared a quarterly dividend of $0.0207 per share, equivalent to a 1.3% annualized yield.

Pzena Investment Management LLC bought a new position in shares of Orion S.A. (NYSE:OEC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,771,969 shares of the specialty chemicals company's stock, valued at approximately $31,638,000. Pzena Investment Management LLC owned 8.46% of Orion as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quarry LP boosted its holdings in Orion by 430.9% in the 4th quarter. Quarry LP now owns 5,861 shares of the specialty chemicals company's stock worth $31,000 after buying an additional 4,757 shares during the period. Tower Research Capital LLC TRC raised its holdings in Orion by 321.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,382 shares of the specialty chemicals company's stock valued at $77,000 after acquiring an additional 5,632 shares during the period. Performa Ltd US LLC lifted its position in shares of Orion by 690.0% during the fourth quarter. Performa Ltd US LLC now owns 7,900 shares of the specialty chemicals company's stock worth $42,000 after acquiring an additional 6,900 shares in the last quarter. Blue Trust Inc. purchased a new stake in shares of Orion during the first quarter worth $55,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Orion by 26.4% in the second quarter. Versant Capital Management Inc now owns 9,925 shares of the specialty chemicals company's stock worth $66,000 after acquiring an additional 2,072 shares during the period. Institutional investors own 94.33% of the company's stock.

Orion Stock Down 3.6%

OEC stock opened at $6.21 on Tuesday. The company's 50 day moving average is $6.77 and its 200 day moving average is $6.60. The stock has a market cap of $350.99 million, a price-to-earnings ratio of -3.59 and a beta of 1.00. 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 1-year low of $4.34 and a 1-year high of $10.89.

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

Orion Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on OEC shares. Zacks Research upgraded Orion from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. UBS Group upped their price target on Orion from $7.50 to $8.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Weiss Ratings reissued a "sell (d)" rating on shares of Orion in a report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Orion from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Sell" and a consensus target price of $6.08.

Orion Company Profile

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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