Readystate Asset Management LP Has $1.50 Million Stock Holdings in Olin Corporation $OLN

Readystate Asset Management LP cut its position in shares of Olin Corporation (NYSE:OLN) by 78.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 75,935 shares of the specialty chemicals company’s stock after selling 274,907 shares during the period. Readystate Asset Management LP’s holdings in Olin were worth $1,505,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Hotchkis & Wiley Capital Management LLC lifted its stake in Olin by 5.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 12,690,488 shares of the specialty chemicals company’s stock worth $317,135,000 after acquiring an additional 661,730 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Olin by 22.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after acquiring an additional 1,031,498 shares in the last quarter. State Street Corp boosted its position in Olin by 1.1% during the second quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock worth $97,043,000 after purchasing an additional 50,309 shares during the period. Pzena Investment Management LLC grew its stake in Olin by 17.5% in the 4th quarter. Pzena Investment Management LLC now owns 4,507,913 shares of the specialty chemicals company’s stock valued at $93,900,000 after buying an additional 671,250 shares during the last quarter. Finally, Orbis Allan Gray Ltd grew its position in shares of Olin by 448.9% in the fourth quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after purchasing an additional 3,111,393 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Trading Up 0.1%

NYSE:OLN opened at $17.39 on Tuesday. The business’s 50-day moving average price is $19.71 and its two-hundred day moving average price is $23.71. Olin Corporation has a 1-year low of $16.73 and a 1-year high of $30.46. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -14.14 and a beta of 1.20. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 1.77.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.25). Olin had a negative net margin of 2.08% and a negative return on equity of 4.76%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the prior year, the firm posted ($0.01) EPS. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities analysts expect that Olin Corporation will post -0.68 earnings per share for the current year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Thursday, August 27th. Olin’s payout ratio is -65.04%.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Olin from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Truist Financial lowered their price objective on Olin from $24.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, August 3rd. JPMorgan Chase & Co. dropped their target price on shares of Olin from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, June 18th. Citigroup cut Olin from a “neutral” rating to an “underperform” rating in a report on Tuesday, June 30th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $20.00 target price (down from $25.00) on shares of Olin in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Olin currently has an average rating of “Reduce” and an average target price of $22.62.

About Olin

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.