Saba Capital Management L.P. Has $2.50 Million Holdings in Olin Corporation $OLN

Saba Capital Management L.P. cut its holdings in shares of Olin Corporation (NYSE:OLN) by 36.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,036 shares of the specialty chemicals company’s stock after selling 49,187 shares during the period. Saba Capital Management L.P.’s holdings in Olin were worth $2,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OLN. Rockefeller Capital Management L.P. raised its position in Olin by 115.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 659 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Olin during the first quarter valued at $32,000. Allworth Financial LP boosted its holdings in Olin by 114.0% in the third quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 927 shares during the last quarter. UMB Bank n.a. increased its position in Olin by 34.0% in the fourth quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock worth $54,000 after purchasing an additional 659 shares during the period. Finally, Spire Wealth Management increased its position in Olin by 58.7% in the fourth quarter. Spire Wealth Management now owns 2,739 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 1,013 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. BMO Capital Markets reduced their target price on shares of Olin from $30.00 to $25.00 and set a “market perform” rating on the stock in a research note on Monday, July 6th. Truist Financial reduced their price objective on shares of Olin from $26.00 to $24.00 and set a “hold” rating on the stock in a research note on Monday, July 20th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $37.00 target price on shares of Olin in a report on Sunday, May 10th. Bank of America cut shares of Olin from a “buy” rating to an “underperform” rating and dropped their target price for the company from $32.00 to $21.00 in a research report on Tuesday, June 30th. Finally, Morgan Stanley increased their price target on Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.46.

Olin Stock Performance

Shares of NYSE:OLN opened at $21.82 on Tuesday. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of -19.48 and a beta of 1.21. The firm’s 50 day simple moving average is $23.12 and its 200 day simple moving average is $24.81. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. Olin Corporation has a fifty-two week low of $18.08 and a fifty-two week high of $30.46.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Thursday, May 14th. Olin’s dividend payout ratio is presently -71.43%.

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.