Orion (NYSE:OEC) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Orion (NYSE:OEC) posted its earnings results on Thursday. The specialty chemicals company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.06), reports. The business had revenue of $463.40 million for the quarter, compared to analysts’ expectations of $489.01 million. Orion had a return on equity of 19.21% and a net margin of 4.09%. Orion updated its FY24 guidance to $1.65-1.75 EPS and its FY 2024 guidance to 1.650-1.750 EPS.

Orion Stock Down 4.7 %

OEC opened at $15.67 on Friday. Orion has a 52 week low of $14.94 and a 52 week high of $28.48. The business has a 50 day moving average price of $16.62 and a two-hundred day moving average price of $20.30. The company has a quick ratio of 0.80, a current ratio of 1.39 and a debt-to-equity ratio of 1.31. The company has a market cap of $914.45 million, a PE ratio of 29.57 and a beta of 1.48.

Orion Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Friday, December 13th will be issued a dividend of $0.021 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.54%. This is a positive change from Orion’s previous quarterly dividend of $0.02. Orion’s dividend payout ratio (DPR) is currently 15.09%.

Insider Buying and Selling at Orion

In related news, CEO Corning F. Painter purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was purchased at an average cost of $17.69 per share, with a total value of $176,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 958,776 shares in the company, valued at $16,960,747.44. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Orion

A number of institutional investors have recently added to or reduced their stakes in the business. CWM LLC raised its position in Orion by 207.0% in the second quarter. CWM LLC now owns 2,094 shares of the specialty chemicals company’s stock worth $46,000 after acquiring an additional 1,412 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Orion in the second quarter valued at about $54,000. Lazard Asset Management LLC boosted its holdings in Orion by 1,375.1% during the first quarter. Lazard Asset Management LLC now owns 3,791 shares of the specialty chemicals company’s stock worth $89,000 after buying an additional 3,534 shares in the last quarter. nVerses Capital LLC purchased a new position in Orion in the third quarter valued at about $69,000. Finally, Quarry LP lifted its position in shares of Orion by 76.9% during the 2nd quarter. Quarry LP now owns 4,776 shares of the specialty chemicals company’s stock valued at $105,000 after acquiring an additional 2,076 shares during the period. Hedge funds and other institutional investors own 94.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OEC. StockNews.com cut shares of Orion from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. dropped their price objective on Orion from $24.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th.

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.