Orion Engineered Carbons (NYSE:OEC) Rating Increased to Buy at Zacks Investment Research

Orion Engineered Carbons (NYSE:OEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The firm presently has a $14.00 target price on the specialty chemicals company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.19% from the company’s previous close.

According to Zacks, “Orion Engineered Carbons S.A. operates as a supplier of Carbon Black. It offers products for Coatings, Printing Inks, Polymers, Rubber and other applications. Orion operates in two segments: Specialty Carbon Black and Rubber Carbon Black. The Company’s Gas Blacks, Furnace Blacks and Specialty Carbon Blacks tint, colorize and enhance the performance of plastics, paints and coatings, inks and toners, adhesives and sealants, tires, and manufactured rubber goods such as automotive belts and hoses. Orion Engineered Carbons S.A. is headquartered in Luxembourg. “

Several other brokerages also recently issued reports on OEC. UBS Group raised their price target on Orion Engineered Carbons from $13.00 to $15.00 and gave the company a “buy” rating in a report on Friday, June 19th. Barclays downgraded Orion Engineered Carbons from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $8.00 to $7.00 in a report on Monday, May 11th. Finally, ValuEngine downgraded Orion Engineered Carbons from a “hold” rating to a “sell” rating in a report on Monday, August 3rd.

Shares of NYSE OEC traded up $0.11 during trading hours on Wednesday, hitting $12.94. The company had a trading volume of 5,504 shares, compared to its average volume of 639,548. The stock has a market capitalization of $768.83 million, a P/E ratio of 18.31 and a beta of 1.80. The company has a quick ratio of 1.09, a current ratio of 1.52 and a debt-to-equity ratio of 4.15. Orion Engineered Carbons has a 1-year low of $5.93 and a 1-year high of $20.78. The firm’s 50 day moving average is $10.75 and its 200-day moving average is $10.97.

Orion Engineered Carbons (NYSE:OEC) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $202.60 million during the quarter, compared to analyst estimates of $180.02 million. Orion Engineered Carbons had a net margin of 3.53% and a return on equity of 43.99%. The company’s quarterly revenue was down 49.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 EPS. On average, sell-side analysts predict that Orion Engineered Carbons will post 0.67 earnings per share for the current year.

In other news, CAO Isfort Andre Schulze acquired 5,000 shares of the stock in a transaction on Monday, May 18th. The shares were purchased at an average price of $7.32 per share, for a total transaction of $36,600.00. Following the transaction, the chief accounting officer now directly owns 14,187 shares of the company’s stock, valued at $103,848.84. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Corning F. Painter acquired 50,000 shares of the stock in a transaction on Friday, May 22nd. The shares were purchased at an average price of $9.88 per share, for a total transaction of $494,000.00. Company insiders own 1.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. American International Group Inc. increased its position in shares of Orion Engineered Carbons by 3.3% in the second quarter. American International Group Inc. now owns 36,865 shares of the specialty chemicals company’s stock worth $390,000 after purchasing an additional 1,186 shares during the period. First Mercantile Trust Co. increased its position in shares of Orion Engineered Carbons by 13.2% in the second quarter. First Mercantile Trust Co. now owns 20,132 shares of the specialty chemicals company’s stock worth $213,000 after purchasing an additional 2,350 shares during the period. California Public Employees Retirement System increased its position in shares of Orion Engineered Carbons by 2.5% in the second quarter. California Public Employees Retirement System now owns 137,442 shares of the specialty chemicals company’s stock worth $1,456,000 after purchasing an additional 3,376 shares during the period. Rhumbline Advisers increased its position in shares of Orion Engineered Carbons by 4.4% in the first quarter. Rhumbline Advisers now owns 81,042 shares of the specialty chemicals company’s stock worth $605,000 after purchasing an additional 3,399 shares during the period. Finally, Lawson Kroeker Investment Management Inc. NE increased its position in shares of Orion Engineered Carbons by 1.4% in the first quarter. Lawson Kroeker Investment Management Inc. NE now owns 271,155 shares of the specialty chemicals company’s stock worth $2,023,000 after purchasing an additional 3,615 shares during the period. Hedge funds and other institutional investors own 87.20% of the company’s stock.

Orion Engineered Carbons Company Profile

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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