Harbor Capital Advisors Inc. Buys 37,289 Shares of Olin Corporation $OLN

Harbor Capital Advisors Inc. boosted its stake in shares of Olin Corporation (NYSE:OLN) by 39.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,013 shares of the specialty chemicals company’s stock after purchasing an additional 37,289 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Olin were worth $2,750,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of OLN. Ilex Capital Partners UK LLP bought a new position in shares of Olin during the 2nd quarter worth about $50,476,000. Millennium Management LLC lifted its stake in shares of Olin by 1,063.0% in the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock valued at $62,143,000 after buying an additional 2,272,877 shares during the period. Norges Bank acquired a new stake in Olin during the second quarter worth about $27,843,000. Semper Augustus Investments Group LLC increased its stake in Olin by 141.3% during the third quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock valued at $48,087,000 after acquiring an additional 1,126,809 shares during the period. Finally, Amundi bought a new position in Olin during the third quarter valued at about $24,418,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on OLN shares. Wall Street Zen downgraded Olin from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Mizuho boosted their price objective on Olin from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday. Truist Financial cut their target price on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, February 2nd. Wells Fargo & Company raised their target price on Olin from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, March 13th. Finally, UBS Group set a $21.00 price target on shares of Olin in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Olin has an average rating of “Hold” and an average price target of $23.87.

Olin Stock Down 0.1%

NYSE OLN opened at $28.54 on Friday. Olin Corporation has a 1-year low of $17.66 and a 1-year high of $30.46. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of -75.11 and a beta of 1.37. The stock’s 50 day moving average is $25.15 and its two-hundred day moving average is $23.16. The company has a current ratio of 1.21, a quick ratio of 0.73 and a debt-to-equity ratio of 1.45.

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

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. Olin’s dividend payout ratio (DPR) is presently -210.53%.

Insider Activity

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