Olin Corporation (OLN) Trading 6.6% Higher
Olin Corporation (NYSE:OLN) shares traded up 6.6% during mid-day trading on Monday . The company traded as high as $36.59 and last traded at $36.52. 4,290,233 shares traded hands during trading, an increase of 97% from the average session volume of 2,179,760 shares. The stock had previously closed at $34.25.
Several brokerages have weighed in on OLN. Cowen and Company set a $39.00 target price on Olin Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. BidaskClub raised shares of Olin Corporation from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. SunTrust Banks, Inc. restated a “buy” rating and set a $44.00 price target (up previously from $36.00) on shares of Olin Corporation in a research report on Monday. Citigroup Inc. started coverage on shares of Olin Corporation in a report on Wednesday, September 27th. They issued a “buy” rating and a $39.00 price objective on the stock. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Olin Corporation in a report on Tuesday, June 20th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Olin Corporation currently has a consensus rating of “Buy” and a consensus price target of $36.44.
The company has a market capitalization of $6.07 billion, a PE ratio of 142.10 and a beta of 1.42. The stock’s 50-day moving average price is $31.88 and its 200 day moving average price is $31.08.
Olin Corporation (NYSE:OLN) last posted its earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.15). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The business’s revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 EPS. Equities research analysts forecast that Olin Corporation will post $1.07 earnings per share for the current fiscal year.
The firm also recently declared 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 of this dividend was Tuesday, August 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.19%. Olin Corporation’s dividend payout ratio is 320.00%.
In related news, EVP John L. Mcintosh sold 16,070 shares of the company’s 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 transaction, the executive vice president now owns 60,391 shares in the company, valued at approximately $1,873,328.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John L. Mcintosh sold 24,000 shares of the company’s 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 transaction, the executive vice president now owns 84,391 shares in the company, valued at approximately $2,661,692.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,070 shares of company stock valued at $1,407,151. Corporate insiders own 2.90% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. OppenheimerFunds Inc. raised its stake in shares of Olin Corporation by 0.5% in the first quarter. OppenheimerFunds Inc. now owns 44,497 shares of the specialty chemicals company’s stock worth $1,462,000 after acquiring an additional 201 shares during the last quarter. World Asset Management Inc grew its stake in shares of Olin Corporation by 2.3% during the second quarter. World Asset Management Inc now owns 10,353 shares of the specialty chemicals company’s stock valued at $313,000 after purchasing an additional 228 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Olin Corporation by 3.5% during the second quarter. Teacher Retirement System of Texas now owns 13,355 shares of the specialty chemicals company’s stock valued at $404,000 after purchasing an additional 453 shares during the last quarter. Anchor Capital Advisors LLC grew its stake in shares of Olin Corporation by 1.9% during the first quarter. Anchor Capital Advisors LLC now owns 24,482 shares of the specialty chemicals company’s stock valued at $805,000 after purchasing an additional 455 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Olin Corporation by 9.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,126 shares of the specialty chemicals company’s stock valued at $185,000 after purchasing an additional 544 shares during the last quarter. Hedge funds and other institutional investors own 92.62% of the company’s stock.
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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.
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