JPMorgan Chase & Co. Reaffirms Underweight Rating for Orion (NYSE:OEC)

Key Points

• JPMorgan Chase & Co. has reaffirmed its underweight rating for Orion Engineered Carbons (NYSE:OEC) with a new price target of $9.00, indicating a potential downside of 14.89% from the current stock price.
• Orion's recent quarterly earnings showed an EPS of $0.32, missing estimates, alongside a 2.2% year-over-year revenue decline to $466.40 million.
• Multiple analysts have adjusted their target prices for Orion, with Mizuho setting a new target of $10.00 and UBS Group lowering theirs to $17.00, reflecting a cautious outlook for the specialty chemicals company.

Orion (NYSE:OEC - Get Free Report)'s stock had its "underweight" rating reissued by research analysts at JPMorgan Chase & Co. in a research note issued to investors on Monday,Benzinga reports. They presently have a $9.00 price target on the specialty chemicals company's stock, down from their previous price target of $10.00. JPMorgan Chase & Co.'s target price suggests a potential downside of 14.89% from the stock's current price.

OEC has been the subject of several other reports. Mizuho decreased their target price on shares of Orion from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. UBS Group decreased their target price on shares of Orion from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, May 8th.

Orion Stock Performance

Shares of NYSE OEC opened at $10.58 on Monday. The stock has a 50 day moving average price of $10.77 and a 200 day moving average price of $12.03. Orion has a 52 week low of $9.03 and a 52 week high of $19.48. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.64 and a current ratio of 1.10. The stock has a market capitalization of $593.79 million, a PE ratio of 39.17 and a beta of 1.10.

Orion (NYSE:OEC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The specialty chemicals company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.04). Orion had a net margin of 0.82% and a return on equity of 16.67%. The company had revenue of $466.40 million for the quarter, compared to analyst estimates of $475.77 million. During the same period last year, the company posted $0.41 earnings per share. The business's revenue for the quarter was down 2.2% on a year-over-year basis. Analysts predict that Orion will post 1.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Orion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC bought a new position in Orion during the first quarter worth $377,000. Wealth Enhancement Advisory Services LLC boosted its position in Orion by 30.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,108 shares of the specialty chemicals company's stock worth $169,000 after purchasing an additional 3,046 shares during the period. Nuveen Asset Management LLC boosted its position in Orion by 20.3% during the fourth quarter. Nuveen Asset Management LLC now owns 694,579 shares of the specialty chemicals company's stock worth $10,967,000 after purchasing an additional 117,022 shares during the period. Rhumbline Advisers boosted its position in Orion by 5.5% during the first quarter. Rhumbline Advisers now owns 83,511 shares of the specialty chemicals company's stock worth $1,080,000 after purchasing an additional 4,334 shares during the period. Finally, Two Sigma Investments LP bought a new position in Orion during the fourth quarter worth $382,000. 94.33% of the stock is owned by institutional investors.

About Orion

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.

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