First Manhattan Co. Has $10.05 Million Position in Orion Engineered Carbons SA (OEC)

First Manhattan Co. reduced its stake in Orion Engineered Carbons SA (NYSE:OEC) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,975 shares of the specialty chemicals company’s stock after selling 5,050 shares during the period. First Manhattan Co. owned 0.52% of Orion Engineered Carbons worth $10,046,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of OEC. Dynamic Technology Lab Private Ltd bought a new position in Orion Engineered Carbons in the 2nd quarter worth about $230,000. Element Capital Management LLC bought a new position in Orion Engineered Carbons in the 1st quarter worth about $233,000. Verition Fund Management LLC bought a new position in Orion Engineered Carbons in the 2nd quarter worth about $248,000. Bayesian Capital Management LP bought a new position in Orion Engineered Carbons in the 1st quarter worth about $256,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in Orion Engineered Carbons in the 2nd quarter worth about $263,000. Institutional investors and hedge funds own 91.21% of the company’s stock.

NYSE OEC opened at $28.23 on Thursday. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.40 and a current ratio of 2.01. Orion Engineered Carbons SA has a 52-week low of $22.25 and a 52-week high of $36.55. The company has a market cap of $1.91 billion, a PE ratio of 17.20 and a beta of 0.84.

Orion Engineered Carbons (NYSE:OEC) last released its quarterly earnings data on Thursday, August 2nd. The specialty chemicals company reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.17. Orion Engineered Carbons had a net margin of 7.95% and a return on equity of 132.30%. The firm had revenue of $391.60 million for the quarter, compared to the consensus estimate of $342.90 million. During the same period last year, the firm earned $0.37 earnings per share. The company’s quarterly revenue was up 30.8% on a year-over-year basis. On average, equities analysts predict that Orion Engineered Carbons SA will post 2.18 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Tuesday, December 18th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.83%. Orion Engineered Carbons’s dividend payout ratio is presently 49.08%.

A number of equities analysts have commented on OEC shares. Zacks Investment Research upgraded shares of Orion Engineered Carbons from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Friday, July 13th. Northcoast Research restated a “buy” rating and issued a $40.00 target price on shares of Orion Engineered Carbons in a research note on Tuesday, August 7th. ValuEngine downgraded shares of Orion Engineered Carbons from a “buy” rating to a “hold” rating in a research note on Wednesday, September 12th. Finally, Loop Capital started coverage on shares of Orion Engineered Carbons in a research note on Wednesday, October 3rd. They issued a “buy” rating and a $40.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $33.14.

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.

Further Reading: Risk Tolerance and Your Investment Decisions

Institutional Ownership by Quarter for Orion Engineered Carbons (NYSE:OEC)

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