Clearline Capital LP purchased a new position in Orion Engineered Carbons SA (NYSE:OEC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 118,460 shares of the specialty chemicals company’s stock, valued at approximately $3,033,000. Orion Engineered Carbons accounts for approximately 1.6% of Clearline Capital LP’s investment portfolio, making the stock its 17th biggest position. Clearline Capital LP owned about 0.20% of Orion Engineered Carbons as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Zions Bancorporation acquired a new stake in Orion Engineered Carbons in the third quarter worth $113,000. Quantum Capital Management acquired a new stake in Orion Engineered Carbons in the third quarter worth $201,000. Parametric Portfolio Associates LLC grew its holdings in Orion Engineered Carbons by 9.8% in the second quarter. Parametric Portfolio Associates LLC now owns 11,734 shares of the specialty chemicals company’s stock worth $234,000 after purchasing an additional 1,046 shares during the period. Northern Trust Corp grew its holdings in Orion Engineered Carbons by 15.7% in the second quarter. Northern Trust Corp now owns 11,721 shares of the specialty chemicals company’s stock worth $234,000 after purchasing an additional 1,594 shares during the period. Finally, Nationwide Fund Advisors acquired a new stake in Orion Engineered Carbons in the third quarter worth $250,000. Institutional investors and hedge funds own 85.57% of the company’s stock.
A number of research firms have commented on OEC. Zacks Investment Research upgraded shares of Orion Engineered Carbons from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Thursday, March 1st. Northcoast Research set a $35.00 price objective on shares of Orion Engineered Carbons and gave the company a “buy” rating in a report on Monday, February 26th. KeyCorp reiterated a “buy” rating and set a $33.00 price objective (up from $29.00) on shares of Orion Engineered Carbons in a report on Monday, February 26th. Jefferies Group assumed coverage on shares of Orion Engineered Carbons in a report on Monday, January 22nd. They set a “buy” rating for the company. Finally, UBS Group reiterated a “neutral” rating and set a $29.00 price objective (up from $23.00) on shares of Orion Engineered Carbons in a report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $28.75.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 30th. Stockholders of record on Wednesday, June 20th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Tuesday, June 19th. Orion Engineered Carbons’s dividend payout ratio is currently 66.12%.
ILLEGAL ACTIVITY WARNING: “Clearline Capital LP Takes Position in Orion Engineered Carbons SA (OEC)” was originally reported by American Banking News and is the property of of American Banking News. If you are accessing this news story on another website, it was illegally copied and republished in violation of US & international copyright & trademark law. The legal version of this news story can be read at https://www.americanbankingnews.com/2018/03/13/clearline-capital-lp-takes-position-in-orion-engineered-carbons-sa-oec.html.
About Orion Engineered Carbons
Orion Engineered Carbons SA is a producer of carbon black. The Company operates through two segments: Specialty Carbon Black and Rubber Carbon Black. The Specialty Carbon Black segment is engaged in the production of specialty carbon black. The Rubber Carbon Black segment is involved in the production of rubber carbon black.
Want to see what other hedge funds are holding OEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Orion Engineered Carbons SA (NYSE:OEC).
Receive News & Ratings for Orion Engineered Carbons Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Orion Engineered Carbons and related companies with MarketBeat.com's FREE daily email newsletter.