Olin Corporation $OLN Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its stake in shares of Olin Corporation (NYSE:OLN) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,564,216 shares of the specialty chemicals company’s stock after selling 89,388 shares during the quarter. Vanguard Group Inc. owned 10.13% of Olin worth $288,990,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of OLN. State Street Corp grew its position in Olin by 1.1% in the second quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock valued at $97,043,000 after acquiring an additional 50,309 shares in the last quarter. Yacktman Asset Management LP increased its stake in Olin by 1.0% during the 2nd quarter. Yacktman Asset Management LP now owns 4,060,376 shares of the specialty chemicals company’s stock worth $81,573,000 after buying an additional 40,133 shares during the period. Ilex Capital Partners UK LLP acquired a new position in Olin in the 2nd quarter worth $50,476,000. Thrivent Financial for Lutherans boosted its position in Olin by 6.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock valued at $40,974,000 after buying an additional 105,484 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Olin by 48.9% during the second quarter. Bank of America Corp DE now owns 1,589,322 shares of the specialty chemicals company’s stock valued at $31,929,000 after acquiring an additional 521,620 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Trading Up 6.0%

Shares of OLN stock opened at $25.35 on Friday. Olin Corporation has a 1 year low of $17.66 and a 1 year high of $27.35. The stock has a fifty day moving average of $23.19 and a two-hundred day moving average of $22.67. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.81 and a current ratio of 1.21. The firm has a market capitalization of $2.88 billion, a PE ratio of -66.72 and a beta of 1.64.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.58). Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm posted $0.09 EPS. Olin’s revenue was down .4% compared to the same quarter last year. As a group, research analysts expect that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 3rd. Olin’s payout ratio is currently -210.53%.

Analysts Set New Price Targets

A number of research analysts recently commented on OLN shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Olin in a report on Thursday, January 22nd. Morgan Stanley dropped their price target on shares of Olin from $20.00 to $18.00 and set an “underweight” rating for the company in a research note on Monday, February 2nd. KeyCorp reduced their price objective on shares of Olin from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. Truist Financial lowered their price target on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a report on Monday, February 2nd. Finally, BMO Capital Markets lowered their price objective on shares of Olin from $25.00 to $24.00 and set a “market perform” rating for the company in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $23.20.

Insider Transactions at Olin

In related news, CFO Todd A. Slater sold 92,250 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $22.48, for a total value of $2,073,780.00. Following the sale, the chief financial officer directly owned 44,291 shares in the company, valued at $995,661.68. The trade was a 67.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Angela M. Castle sold 2,379 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total transaction of $57,690.75. Following the sale, the vice president directly owned 1,528 shares of the company’s stock, valued at approximately $37,054. This represents a 60.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 99,379 shares of company stock valued at $2,238,298. Corporate insiders own 1.60% of the company’s stock.

Olin Company Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.