BlueCrest Capital Management Ltd Acquires 563,647 Shares of Olin Corporation (OLN)
BlueCrest Capital Management Ltd grew its holdings in shares of Olin Corporation (NYSE:OLN) by 481.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 680,828 shares of the specialty chemicals company’s stock after purchasing an additional 563,647 shares during the period. Olin Corporation comprises about 0.8% of BlueCrest Capital Management Ltd’s portfolio, making the stock its 13th biggest position. BlueCrest Capital Management Ltd owned about 0.41% of Olin Corporation worth $20,615,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. BlackRock Inc. increased its stake in Olin Corporation by 7,604.7% during the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock worth $653,967,000 after purchasing an additional 19,637,387 shares during the period. Vanguard Group Inc. increased its stake in Olin Corporation by 1.9% during the second quarter. Vanguard Group Inc. now owns 14,685,258 shares of the specialty chemicals company’s stock worth $444,670,000 after purchasing an additional 274,853 shares during the period. Balyasny Asset Management LLC increased its stake in Olin Corporation by 2.1% during the second quarter. Balyasny Asset Management LLC now owns 8,085,969 shares of the specialty chemicals company’s stock worth $244,843,000 after purchasing an additional 165,655 shares during the period. TIAA CREF Investment Management LLC increased its stake in Olin Corporation by 5.1% during the second quarter. TIAA CREF Investment Management LLC now owns 8,039,915 shares of the specialty chemicals company’s stock worth $243,449,000 after purchasing an additional 386,791 shares during the period. Finally, Iridian Asset Management LLC CT increased its stake in Olin Corporation by 28.0% during the second quarter. Iridian Asset Management LLC CT now owns 7,098,169 shares of the specialty chemicals company’s stock worth $214,933,000 after purchasing an additional 1,553,430 shares during the period. Institutional investors own 92.62% of the company’s stock.
In other Olin Corporation news, EVP John L. Mcintosh sold 16,070 shares of Olin Corporation stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $31.02, for a total transaction of $498,491.40. Following the sale, the executive vice president now directly owns 60,391 shares in the company, valued at approximately $1,873,328.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John L. Mcintosh sold 24,000 shares of Olin Corporation stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total value of $756,960.00. Following the sale, the executive vice president now owns 84,391 shares in the company, valued at $2,661,692.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,070 shares of company stock worth $1,407,151. Company insiders own 2.90% of the company’s stock.
A number of brokerages have issued reports on OLN. UBS AG reiterated a “neutral” rating and set a $30.00 price target (down from $33.00) on shares of Olin Corporation in a research note on Sunday, June 25th. BidaskClub upgraded shares of Olin Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Zacks Investment Research lowered shares of Olin Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday. SunTrust Banks, Inc. reiterated a “buy” rating and set a $44.00 price target (up from $36.00) on shares of Olin Corporation in a research note on Monday. Finally, Citigroup Inc. began coverage on shares of Olin Corporation in a research note on Wednesday, September 27th. They set a “buy” rating and a $39.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $36.50.
Olin Corporation (NYSE OLN) traded down 0.55% during mid-day trading on Friday, hitting $36.48. 614,422 shares of the company were exchanged. Olin Corporation has a 12 month low of $19.62 and a 12 month high of $36.84. The firm has a 50 day moving average price of $32.42 and a 200 day moving average price of $31.18. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 141.95 and a beta of 1.42.
Olin Corporation (NYSE:OLN) last announced its earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.15). The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. Analysts anticipate that Olin Corporation will post $1.07 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 10th were issued a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.18%. Olin Corporation’s payout ratio is currently 320.00%.
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Olin Corporation Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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