Olin Corporation (OLN) Shares Sold by Comerica Bank
Comerica Bank lowered its position in shares of Olin Corporation (NYSE:OLN) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 846,175 shares of the specialty chemicals company’s stock after selling 23,427 shares during the period. Comerica Bank’s holdings in Olin Corporation were worth $26,223,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. King Street Capital Management L.P. bought a new stake in shares of Olin Corporation during the first quarter worth $65,740,000. Schwab Charles Investment Management Inc. raised its stake in shares of Olin Corporation by 12.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,005,335 shares of the specialty chemicals company’s stock worth $33,046,000 after buying an additional 111,742 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Olin Corporation by 4.0% in the first quarter. Great West Life Assurance Co. Can now owns 98,121 shares of the specialty chemicals company’s stock worth $3,224,000 after buying an additional 3,818 shares during the last quarter. BlackRock Inc. raised its stake in shares of Olin Corporation by 7,604.7% in the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock worth $653,967,000 after buying an additional 19,637,387 shares during the last quarter. Finally, World Asset Management Inc raised its stake in shares of Olin Corporation by 1.7% in the first quarter. World Asset Management Inc now owns 10,125 shares of the specialty chemicals company’s stock worth $333,000 after buying an additional 168 shares during the last quarter. Institutional investors own 93.02% of the company’s stock.
Olin Corporation (OLN) opened at 30.46 on Wednesday. Olin Corporation has a 52-week low of $18.24 and a 52-week high of $33.88. The stock has a market cap of $5.06 billion, a P/E ratio of 118.52 and a beta of 1.43. The firm’s 50-day moving average is $30.41 and its 200-day moving average is $30.80.
Olin Corporation (NYSE:OLN) last issued its quarterly earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.51 billion. Olin Corporation had a return on equity of 5.80% and a net margin of 0.72%. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. Equities research analysts predict that Olin Corporation will post $1.14 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.62%. Olin Corporation’s dividend payout ratio is presently 320.00%.
A number of equities research analysts recently weighed in on OLN shares. Royal Bank Of Canada reiterated a “buy” rating and set a $35.00 price objective on shares of Olin Corporation in a report on Tuesday, May 16th. Zacks Investment Research upgraded shares of Olin Corporation from a “sell” rating to a “hold” rating in a report on Thursday, April 20th. Cowen and Company reiterated an “outperform” rating and set a $39.00 price objective (up previously from $37.00) on shares of Olin Corporation in a report on Thursday, June 22nd. Bank of America Corporation started coverage on shares of Olin Corporation in a report on Monday, May 8th. They set a “buy” rating and a $40.00 price objective for the company. Finally, Tudor Pickering started coverage on shares of Olin Corporation in a report on Friday, May 12th. They set a “buy” rating and a $37.00 price objective for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $32.75.
In other news, EVP John L. Mcintosh sold 16,070 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total transaction of $498,491.40. Following the sale, the executive vice president now owns 60,391 shares of the company’s stock, valued at $1,873,328.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John L. Mcintosh sold 24,000 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total transaction of $756,960.00. Following the sale, the executive vice president now directly owns 84,391 shares in the company, valued at approximately $2,661,692.14. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.
Olin Corporation Company 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.
Want to see what other hedge funds are holding OLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olin Corporation (NYSE:OLN).
Receive News & Ratings for Olin Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olin Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.