Orion (NYSE:OEC) Updates FY24 Earnings Guidance

Orion (NYSE:OEC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.65-1.75 for the period, compared to the consensus earnings per share estimate of $1.82.

Orion Stock Down 1.3 %

OEC traded down $0.22 during midday trading on Thursday, reaching $16.44. 501,337 shares of the company were exchanged, compared to its average volume of 434,074. The company has a market cap of $959.44 million, a price-to-earnings ratio of 12.62 and a beta of 1.48. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.80 and a current ratio of 1.39. The company’s fifty day moving average price is $16.72 and its 200 day moving average price is $20.39. Orion has a one year low of $14.94 and a one year high of $28.48.

Orion Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Friday, December 13th will be issued a $0.021 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Orion’s previous quarterly dividend of $0.02. This represents a $0.08 annualized dividend and a dividend yield of 0.51%. Orion’s dividend payout ratio is currently 6.06%.

Analysts Set New Price Targets

Several brokerages have weighed in on OEC. StockNews.com downgraded Orion from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. dropped their target price on Orion from $24.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th.

Insider Buying and Selling

In other news, Director Dan F. Smith purchased 2,500 shares of the stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $18.53 per share, for a total transaction of $46,325.00. Following the completion of the transaction, the director now directly owns 78,772 shares of the company’s stock, valued at approximately $1,459,645.16. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director Dan F. Smith acquired 2,500 shares of Orion stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $18.53 per share, with a total value of $46,325.00. Following the completion of the purchase, the director now owns 78,772 shares of the company’s stock, valued at $1,459,645.16. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corning F. Painter acquired 10,000 shares of Orion stock in a transaction dated Thursday, August 22nd. The shares were bought at an average cost of $17.69 per share, for a total transaction of $176,900.00. Following the completion of the purchase, the chief executive officer now directly owns 958,776 shares of the company’s stock, valued at approximately $16,960,747.44. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by company insiders.

About Orion

Orion SA, together with its subsidiaries, engages in the manufacture and sale of carbon black products. It operates in two segments, Specialty Carbon Black and Rubber Carbon Black. The company offers post-treated specialty carbon black grades for coatings and printing applications; high purity carbon black grades for the fiber industry; and conductive carbon black grades for batteries, polymers, and coatings.