Olin (NYSE:OLN) Shares Up 4.4% – Here’s Why

Olin Corporation (NYSE:OLN) traded up 4.4% during mid-day trading on Monday. The stock traded as high as $16.42 and last traded at $16.3550. Approximately 440,798 shares were traded during trading, a decline of 86% from the average daily volume of 3,120,430 shares. The stock had previously closed at $15.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on OLN shares. Bank of America downgraded Olin from a “buy” rating to an “underperform” rating and cut their target price for the stock from $32.00 to $21.00 in a research note on Tuesday, June 30th. UBS Group decreased their price target on Olin from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Wells Fargo & Company dropped their price objective on Olin from $20.00 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday, October 1st. The Goldman Sachs Group set a $18.00 price objective on Olin in a research report on Wednesday, September 30th. Finally, Citigroup reduced their target price on Olin from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, September 30th. One equities research analyst has rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $20.07.

Olin Stock Performance

The company has a 50 day moving average price of $16.56 and a 200 day moving average price of $22.37.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.25). The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.81 billion. Olin’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.01) earnings per share. As a group, research analysts expect that Olin Corporation will post -0.80 earnings per share for the current fiscal year.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 4.8%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Olin during the 2nd quarter worth approximately $1,267,000. Amundi grew its holdings in Olin by 337.2% during the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock valued at $20,336,000 after buying an additional 527,586 shares during the last quarter. Engineers Gate Manager LP grew its holdings in Olin by 1,601.5% during the 2nd quarter. Engineers Gate Manager LP now owns 210,478 shares of the specialty chemicals company’s stock valued at $4,172,000 after buying an additional 198,108 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in Olin during the 2nd quarter valued at $1,747,000. Finally, Empowered Funds LLC increased its position in Olin by 1,946.0% during the first quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company’s stock worth $12,950,000 after buying an additional 414,309 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

About Olin

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.