Do You Believe in the Growth Prospects of Orion S.A. (OEC)?

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The market delivered positive returns in a volatile first quarter across most regions. Diamond Hill Small Cap Fund outperformed its benchmark, the Russell 2000 Index, in Q1 and returned 7.11% while the benchmark return was 5.18% during the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Diamond Hill Small Cap Fund featured stocks like Orion S.A. (NYSE:OEC) in the first quarter 2024 investor letter. Founded in 1862, Orion S.A. (NYSE:OEC) manufactures and sells carbon black products. On May 14, 2024, Orion S.A. (NYSE:OEC) stock closed at $25.46 per share. One-month return of Orion S.A. (NYSE:OEC) was 7.61%, and its shares gained 3.92% of their value over the last 52 weeks. Orion S.A. (NYSE:OEC) has a market capitalization of $1.485 billion.

Diamond Hill Small Cap Fund stated the following regarding Orion S.A. (NYSE:OEC) in its first quarter 2024 investor letter:

“As valuations have increased, it has become increasingly challenging to identify high-quality companies we believe the market is overlooking. Accordingly, we initiated only one new position in Q1: Orion S.A. (NYSE:OEC) is a specialty chemical company focused on producing carbon black, a key input in the production of tires, plastics, coatings and more. The company has spent several years investing capital to comply with EPA environmental rules and is now poised to deliver materially higher free cash flow over the period ahead. We capitalized on what we view as an attractive valuation to initiate a position in Q1.”

Pixabay/Public Domain

Orion S.A. (NYSE:OEC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Orion S.A. (NYSE:OEC) at the end of the fourth quarter which was 30 in the previous quarter.

In another article, we discussed Orion S.A. (NYSE:OEC) and shared best small cap chemical stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.