Orion Engineered Carbons (NYSE:OEC) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Orion Engineered Carbons (NYSE:OEC) from a buy rating to a hold rating in a report published on Friday, Zacks.com reports.

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. “

OEC has been the subject of a number of other research reports. ValuEngine downgraded Orion Engineered Carbons from a hold rating to a sell rating in a report on Monday, August 3rd. UBS Group increased their price objective on Orion Engineered Carbons from $13.00 to $15.00 and gave the stock a buy rating in a report on Friday, June 19th.

Shares of OEC stock opened at $12.91 on Friday. The stock has a fifty day moving average of $12.66 and a 200 day moving average of $10.43. Orion Engineered Carbons has a 52 week low of $5.93 and a 52 week high of $20.78. The firm has a market capitalization of $780.89 million, a price-to-earnings ratio of 18.44 and a beta of 1.84. 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 (NYSE:OEC) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). Orion Engineered Carbons had a return on equity of 43.99% and a net margin of 3.53%. The business had revenue of $202.60 million during the quarter, compared to analysts’ expectations of $180.02 million. During the same period in the previous year, the business earned $0.53 EPS. The business’s revenue was down 49.2% compared to the same quarter last year. Equities research analysts anticipate that Orion Engineered Carbons will post 0.87 earnings per share for the current year.

In related news, CEO Corning F. Painter purchased 50,000 shares of Orion Engineered Carbons stock in a transaction dated Friday, September 4th. The stock was purchased at an average cost of $12.70 per share, for a total transaction of $635,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 372,977 shares of the company’s stock, valued at $4,736,807.90. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. Morgan Stanley increased its holdings in shares of Orion Engineered Carbons by 83.8% during the first quarter. Morgan Stanley now owns 410,036 shares of the specialty chemicals company’s stock valued at $3,058,000 after acquiring an additional 186,986 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of Orion Engineered Carbons by 38.0% during the first quarter. Two Sigma Advisers LP now owns 675,048 shares of the specialty chemicals company’s stock valued at $5,036,000 after acquiring an additional 185,800 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Orion Engineered Carbons by 57.7% during the first quarter. BNP Paribas Arbitrage SA now owns 19,671 shares of the specialty chemicals company’s stock valued at $147,000 after acquiring an additional 7,197 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Orion Engineered Carbons by 2.2% during the first quarter. Nuveen Asset Management LLC now owns 262,635 shares of the specialty chemicals company’s stock valued at $1,959,000 after acquiring an additional 5,670 shares in the last quarter. Finally, Citigroup Inc. increased its holdings in Orion Engineered Carbons by 53.1% in the 1st quarter. Citigroup Inc. now owns 18,566 shares of the specialty chemicals company’s stock worth $138,000 after buying an additional 6,443 shares in the last quarter. Hedge funds and other institutional investors own 85.60% of the company’s stock.

About Orion Engineered Carbons

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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