Orion Engineered Carbons (NYSE:OEC) Trading Down 6.8% Following Weak Earnings

Shares of Orion Engineered Carbons SA (NYSE:OEC) were down 6.8% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $17.99 and last traded at $18.16, approximately 510,248 shares were traded during mid-day trading. An increase of 0% from the average daily volume of 508,628 shares. The stock had previously closed at $19.48.

The specialty chemicals company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $399.02 million for the quarter, compared to analysts’ expectations of $391.68 million. Orion Engineered Carbons had a net margin of 7.47% and a return on equity of 82.03%. Orion Engineered Carbons’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 20th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, September 19th. This represents a $0.80 annualized dividend and a yield of 5.19%. Orion Engineered Carbons’s dividend payout ratio is currently 36.20%.

Several equities analysts recently commented on OEC shares. Zacks Investment Research cut shares of Orion Engineered Carbons from a “hold” rating to a “sell” rating in a research note on Tuesday, July 16th. Barclays set a $24.00 price objective on shares of Orion Engineered Carbons and gave the company a “hold” rating in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $31.50.

A number of large investors have recently modified their holdings of OEC. Victory Capital Management Inc. lifted its position in Orion Engineered Carbons by 28.6% during the first quarter. Victory Capital Management Inc. now owns 4,830,328 shares of the specialty chemicals company’s stock valued at $91,728,000 after purchasing an additional 1,075,106 shares during the last quarter. FMR LLC lifted its position in Orion Engineered Carbons by 3.7% during the first quarter. FMR LLC now owns 6,003,552 shares of the specialty chemicals company’s stock valued at $114,007,000 after purchasing an additional 213,088 shares during the last quarter. Peregrine Capital Management LLC lifted its position in Orion Engineered Carbons by 27.0% during the first quarter. Peregrine Capital Management LLC now owns 972,719 shares of the specialty chemicals company’s stock valued at $18,472,000 after purchasing an additional 207,043 shares during the last quarter. Norges Bank bought a new stake in Orion Engineered Carbons during the fourth quarter valued at approximately $4,731,000. Finally, Balter Liquid Alternatives LLC bought a new stake in Orion Engineered Carbons during the second quarter valued at approximately $3,112,000. 93.10% of the stock is owned by institutional investors.

The company has a market cap of $1.16 billion, a price-to-earnings ratio of 6.98, a P/E/G ratio of 0.99 and a beta of 1.13. The company has a debt-to-equity ratio of 3.76, a current ratio of 1.81 and a quick ratio of 1.27. The stock’s 50-day moving average is $19.60.

About Orion Engineered Carbons (NYSE:OEC)

Orion Engineered Carbons SA, together with its subsidiaries, produces and sells carbon black products in Germany, the United States, South Korea, Brazil, China, South Africa, the rest of Europe, and internationally. It operates through two segments, Specialty Carbon Black and Rubber Carbon Black. The company offers post-treated specialty carbon black grades for coatings and printing applications; and various conductive carbon black grades for use in polymer and printing applications, as well as in silicon, non-woven textile, building material, battery electrodes metallurgical, agrochemical, and carbon brush applications.

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