Garner Asset Management Corp Cuts Holdings in Olin Co. (NYSE:OLN)

Garner Asset Management Corp trimmed its holdings in shares of Olin Co. (NYSE:OLN) by 10.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,597 shares of the specialty chemicals company’s stock after selling 2,293 shares during the period. Garner Asset Management Corp’s holdings in Olin were worth $986,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of OLN. Boston Partners raised its stake in shares of Olin by 122.8% during the 4th quarter. Boston Partners now owns 5,029,377 shares of the specialty chemicals company’s stock worth $271,152,000 after buying an additional 2,772,274 shares in the last quarter. Norges Bank acquired a new stake in shares of Olin in the 4th quarter worth approximately $76,125,000. Balyasny Asset Management L.P. grew its holdings in shares of Olin by 218.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,649,273 shares of the specialty chemicals company’s stock worth $88,978,000 after acquiring an additional 1,131,674 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Olin by 15.6% in the 3rd quarter. Pzena Investment Management LLC now owns 2,940,658 shares of the specialty chemicals company’s stock worth $146,974,000 after acquiring an additional 397,050 shares during the period. Finally, Luminus Management LLC grew its holdings in shares of Olin by 119.6% in the 3rd quarter. Luminus Management LLC now owns 524,753 shares of the specialty chemicals company’s stock worth $26,227,000 after acquiring an additional 285,789 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Price Performance

Shares of NYSE:OLN traded up $0.48 during trading on Tuesday, reaching $50.67. The stock had a trading volume of 986,958 shares, compared to its average volume of 989,568. Olin Co. has a 52 week low of $41.71 and a 52 week high of $60.60. The business’s 50-day moving average price is $54.49 and its 200 day moving average price is $53.49. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.38 and a quick ratio of 0.80. The stock has a market capitalization of $6.05 billion, a PE ratio of 18.05, a P/E/G ratio of 0.29 and a beta of 1.47.

Olin (NYSE:OLN) last issued its quarterly earnings results on Friday, April 26th. The specialty chemicals company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.02. Olin had a net margin of 5.32% and a return on equity of 14.47%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business posted $1.16 earnings per share. Olin’s revenue for the quarter was down 11.3% compared to the same quarter last year. As a group, equities analysts predict that Olin Co. will post 3.66 earnings per share for the current year.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Thursday, May 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Wednesday, May 8th. Olin’s dividend payout ratio is presently 28.78%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Stifel Nicolaus raised their price objective on Olin from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, April 29th. KeyCorp decreased their price target on Olin from $78.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Barclays increased their price target on Olin from $57.00 to $59.00 and gave the company an “equal weight” rating in a research note on Thursday, April 4th. Wells Fargo & Company increased their price target on Olin from $56.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada cut their price objective on Olin from $69.00 to $63.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.00.

Olin Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.