Royce & Associates LP Boosts Position in Olin Co. (OLN)
Royce & Associates LP increased its holdings in shares of Olin Co. (NYSE:OLN) by 30.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,916 shares of the specialty chemicals company’s stock after acquiring an additional 70,000 shares during the period. Royce & Associates LP’s holdings in Olin were worth $7,009,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Thrivent Financial for Lutherans boosted its stake in Olin by 5.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 42,430 shares of the specialty chemicals company’s stock worth $853,000 after acquiring an additional 2,090 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in shares of Olin in the fourth quarter worth approximately $20,040,000. Mackay Shields LLC lifted its stake in shares of Olin by 981.8% in the fourth quarter. Mackay Shields LLC now owns 98,881 shares of the specialty chemicals company’s stock worth $1,989,000 after buying an additional 89,741 shares in the last quarter. Texas Permanent School Fund lifted its stake in shares of Olin by 3.9% in the fourth quarter. Texas Permanent School Fund now owns 109,175 shares of the specialty chemicals company’s stock worth $2,196,000 after buying an additional 4,098 shares in the last quarter. Finally, Magnus Financial Group LLC bought a new position in shares of Olin in the fourth quarter worth approximately $209,000. 91.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE OLN opened at $19.61 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.85 and a current ratio of 1.48. Olin Co. has a 52-week low of $17.87 and a 52-week high of $33.63. The company has a market capitalization of $3.35 billion, a PE ratio of 11.21, a PEG ratio of 0.68 and a beta of 1.53.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.80 annualized dividend and a dividend yield of 4.08%. Olin’s payout ratio is 45.71%.
In other news, EVP John L. Mcintosh sold 10,500 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $21.74, for a total transaction of $228,270.00. Following the completion of the transaction, the executive vice president now directly owns 100,812 shares of the company’s stock, valued at $2,191,652.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Mcdougald Sutton acquired 7,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were bought at an average cost of $21.02 per share, with a total value of $147,140.00. Following the completion of the acquisition, the director now directly owns 22,000 shares of the company’s stock, valued at $462,440. The disclosure for this purchase can be found here. 1.90% of the stock is owned by insiders.
Several research analysts have recently issued reports on the stock. Alembic Global Advisors assumed coverage on shares of Olin in a research note on Monday, April 22nd. They issued a “buy” rating and a $32.00 target price on the stock. Cowen reiterated an “outperform” rating and issued a $27.00 target price (down previously from $31.00) on shares of Olin in a research note on Monday, May 6th. ValuEngine upgraded shares of Olin from a “strong sell” rating to a “sell” rating in a research note on Friday, May 10th. Finally, Nomura upgraded shares of Olin from a “reduce” rating to a “neutral” rating and upped their target price for the stock from $22.00 to $25.00 in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $29.33.
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Olin Corporation manufactures and distributes chemical products in the United States and internationally. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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