Orion Engineered Carbons (NYSE:OEC) Downgraded to “Sell” at Zacks Investment Research

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Orion Engineered Carbons (NYSE:OEC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, 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. “

Other research analysts have also issued reports about the stock. 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. CJS Securities began coverage on shares of Orion Engineered Carbons in a research note on Thursday, March 21st. They issued a “market outperform” rating for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Orion Engineered Carbons currently has a consensus rating of “Hold” and a consensus price target of $31.50.

Orion Engineered Carbons stock opened at $18.60 on Tuesday. Orion Engineered Carbons has a 1-year low of $17.52 and a 1-year high of $36.55. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 8.42, a price-to-earnings-growth ratio of 0.93 and a beta of 1.14. 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 firm has a 50 day simple moving average of $19.68.

Orion Engineered Carbons (NYSE:OEC) last released its quarterly earnings data on Thursday, May 2nd. The specialty chemicals company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.08). Orion Engineered Carbons had a net margin of 7.47% and a return on equity of 82.03%. The business had revenue of $384.71 million during the quarter, compared to analysts’ expectations of $412.14 million. During the same quarter in the prior year, the firm posted $0.58 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. Equities research analysts anticipate that Orion Engineered Carbons will post 1.97 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in OEC. Bank of New York Mellon Corp boosted its holdings in Orion Engineered Carbons by 1,185.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,362,704 shares of the specialty chemicals company’s stock valued at $34,450,000 after purchasing an additional 1,256,698 shares during the period. Victory Capital Management Inc. boosted its holdings in Orion Engineered Carbons by 28.6% in the 1st 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 period. Millennium Management LLC boosted its holdings in Orion Engineered Carbons by 187.5% in the 4th quarter. Millennium Management LLC now owns 1,641,052 shares of the specialty chemicals company’s stock valued at $41,486,000 after purchasing an additional 1,070,346 shares during the period. FMR LLC boosted its holdings in Orion Engineered Carbons by 3.7% in the 1st 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 period. Finally, Peregrine Capital Management LLC boosted its holdings in Orion Engineered Carbons by 27.0% in the 1st 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 period. 93.68% of the stock is owned by hedge funds and other institutional investors.

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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