HITE Hedge Asset Management LLC Invests $3.05 Million in Olin Corporation $OLN

HITE Hedge Asset Management LLC bought a new position in Olin Corporation (NYSE:OLN) during the 4th quarter, HoldingsChannel reports. The fund bought 146,381 shares of the specialty chemicals company’s stock, valued at approximately $3,049,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OLN. Covestor Ltd lifted its holdings in shares of Olin by 10.6% in the 4th quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock worth $108,000 after acquiring an additional 497 shares during the last quarter. Madison Asset Management LLC lifted its holdings in shares of Olin by 0.6% in the 4th quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company’s stock worth $2,033,000 after acquiring an additional 555 shares during the last quarter. FORA Capital LLC lifted its holdings in shares of Olin by 2.6% in the 2nd quarter. FORA Capital LLC now owns 24,453 shares of the specialty chemicals company’s stock worth $491,000 after acquiring an additional 625 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Olin by 2.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 29,361 shares of the specialty chemicals company’s stock worth $612,000 after acquiring an additional 709 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Olin by 45.0% in the 3rd quarter. NewEdge Advisors LLC now owns 2,323 shares of the specialty chemicals company’s stock worth $58,000 after acquiring an additional 721 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial raised their target price on shares of Olin from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Monday, May 11th. UBS Group raised their target price on shares of Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Royal Bank Of Canada set a $30.00 target price on shares of Olin and gave the stock a “sector perform” rating in a report on Friday, April 10th. Weiss Ratings restated a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. Finally, The Goldman Sachs Group lifted their price objective on shares of Olin from $22.00 to $31.00 and gave the company a “neutral” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $28.08.

Olin Trading Up 3.7%

Shares of OLN opened at $25.10 on Friday. Olin Corporation has a 1-year low of $18.08 and a 1-year high of $30.46. The company has a 50-day moving average of $26.93 and a 200 day moving average of $24.62. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -22.41 and a beta of 1.17. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a yield of 3.2%. Olin’s dividend payout ratio (DPR) is presently -71.43%.

Olin 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.