Arizona State Retirement System Raises Stock Position in Orion Engineered Carbons S.A. (NYSE:OEC)

Posted by Defense World Staff on May 23rd, 2023

Arizona State Retirement System increased its holdings in shares of Orion Engineered Carbons S.A. (NYSE:OEC – Get Rating) by 3.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,158 shares of the specialty chemicals company’s stock after purchasing an additional 649 shares during the period. Arizona State Retirement System’s holdings in Orion Engineered Carbons were worth $306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Covestor Ltd purchased a new position in shares of Orion Engineered Carbons during the first quarter worth $48,000. Tower Research Capital LLC TRC increased its holdings in Orion Engineered Carbons by 149.4% in the third quarter. Tower Research Capital LLC TRC now owns 5,158 shares of the specialty chemicals company’s stock valued at $69,000 after buying an additional 3,090 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Orion Engineered Carbons in the first quarter valued at $117,000. Spire Wealth Management purchased a new position in Orion Engineered Carbons in the third quarter valued at $119,000. Finally, Bridgefront Capital LLC purchased a new position in Orion Engineered Carbons in the third quarter valued at $138,000. Hedge funds and other institutional investors own 91.98% of the company’s stock.

Orion Engineered Carbons Stock Down 0.2 %

Shares of NYSE OEC opened at $25.15 on Tuesday. The company’s 50-day simple moving average is $24.68 and its 200-day simple moving average is $21.78. Orion Engineered Carbons S.A. has a 52-week low of $12.87 and a 52-week high of $26.91. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 13.17 and a beta of 1.65. The company has a quick ratio of 0.92, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

Orion Engineered Carbons (NYSE:OEC – Get Rating) last announced its earnings results on Friday, May 5th. The specialty chemicals company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.11. Orion Engineered Carbons had a net margin of 5.67% and a return on equity of 29.94%. The business had revenue of $500.70 million for the quarter, compared to analyst estimates of $522.19 million. During the same quarter last year, the business earned $0.57 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts predict that Orion Engineered Carbons S.A. will post 2.5 EPS for the current fiscal year.

Orion Engineered Carbons Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Investors of record on Wednesday, May 17th will be given a dividend of $0.021 per share. The ex-dividend date is Tuesday, May 16th. This is a positive change from Orion Engineered Carbons’s previous quarterly dividend of $0.02. This represents a $0.08 dividend on an annualized basis and a yield of 0.33%. Orion Engineered Carbons’s payout ratio is presently 4.19%.

Insider Buying and Selling

In other Orion Engineered Carbons news, CFO Jeffrey Glajch purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were purchased at an average cost of $23.82 per share, for a total transaction of $238,200.00. Following the completion of the transaction, the chief financial officer now owns 60,666 shares of the company’s stock, valued at approximately $1,445,064.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Carlos Quinones bought 3,800 shares of Orion Engineered Carbons stock in a transaction on Monday, March 13th. The shares were bought at an average cost of $23.98 per share, with a total value of $91,124.00. Following the completion of the purchase, the vice president now directly owns 52,335 shares of the company’s stock, valued at $1,254,993.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey Glajch bought 10,000 shares of Orion Engineered Carbons stock in a transaction on Wednesday, March 15th. The shares were purchased at an average cost of $23.82 per share, for a total transaction of $238,200.00. Following the completion of the purchase, the chief financial officer now directly owns 60,666 shares of the company’s stock, valued at $1,445,064.12. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on OEC shares. Credit Suisse Group started coverage on shares of Orion Engineered Carbons in a report on Monday, March 13th. They issued an “outperform” rating and a $31.00 price objective for the company. JPMorgan Chase & Co. cut shares of Orion Engineered Carbons from an “overweight” rating to a “neutral” rating and set a $26.00 price objective for the company. in a report on Friday, April 14th. StockNews.com initiated coverage on shares of Orion Engineered Carbons in a report on Thursday, May 18th. They issued a “buy” rating for the company. Finally, TheStreet upgraded shares of Orion Engineered Carbons from a “c+” rating to a “b-” rating in a research report on Tuesday, January 31st. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Orion Engineered Carbons Profile

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Orion Engineered Carbons SA engages in the production and supply of carbon black. It operates through the following segments: Specialty Carbon Black and Rubber Carbon Black. The Specialty Carbon Black segment manufactures specialty carbon black at multiple sites for a broad range of specialized applications.