Orion (NYSE:OEC) Releases Quarterly Earnings Results, Misses Expectations By $0.18 EPS

Orion (NYSE:OEC) issued its quarterly earnings results on Thursday. The specialty chemicals company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.18), Briefing.com reports. Orion had a return on equity of 19.40% and a net margin of 4.09%. The company had revenue of $477.00 million for the quarter, compared to analysts’ expectations of $491.14 million. During the same quarter in the previous year, the business earned $0.53 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. Orion updated its FY 2024 guidance to 1.750-1.950 EPS.

Orion Price Performance

NYSE:OEC traded down $5.16 during trading hours on Friday, hitting $17.88. The stock had a trading volume of 1,777,250 shares, compared to its average volume of 418,829. The company has a 50 day simple moving average of $22.99 and a two-hundred day simple moving average of $23.35. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.45 and a quick ratio of 0.85. Orion has a one year low of $17.13 and a one year high of $28.48. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 12.08 and a beta of 1.53.

Orion Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, July 1st will be issued a $0.0207 dividend. This represents a $0.08 annualized dividend and a yield of 0.46%. The ex-dividend date is Monday, July 1st. Orion’s payout ratio is 5.41%.

Wall Street Analyst Weigh In

OEC has been the subject of several analyst reports. StockNews.com raised shares of Orion from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Mizuho raised their price objective on shares of Orion from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.25.

Insider Buying and Selling at Orion

In other Orion news, VP Sandra Niewiem sold 8,305 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $24.21, for a total value of $201,064.05. Following the completion of the transaction, the vice president now directly owns 14,099 shares of the company’s stock, valued at approximately $341,336.79. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Sandra Niewiem sold 8,305 shares of Orion stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $24.21, for a total transaction of $201,064.05. Following the completion of the sale, the vice president now directly owns 14,099 shares of the company’s stock, valued at approximately $341,336.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Carlos Quinones acquired 4,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were bought at an average cost of $23.51 per share, with a total value of $94,040.00. Following the completion of the acquisition, the vice president now directly owns 69,702 shares in the company, valued at approximately $1,638,694.02. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.

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.