The Manufacturers Life Insurance Company cut its position in Olin Corporation (NYSE:OLN) by 32.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 244,240 shares of the specialty chemicals company’s stock after selling 117,363 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.15% of Olin Corporation worth $7,395,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in OLN. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in shares of Olin Corporation in the 1st quarter worth about $118,000. Acrospire Investment Management LLC boosted its holdings in shares of Olin Corporation by 238.5% in the 2nd quarter. Acrospire Investment Management LLC now owns 4,400 shares of the specialty chemicals company’s stock worth $133,000 after purchasing an additional 3,100 shares in the last quarter. Creative Planning boosted its holdings in shares of Olin Corporation by 130.8% in the 2nd quarter. Creative Planning now owns 5,050 shares of the specialty chemicals company’s stock worth $153,000 after purchasing an additional 2,862 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Olin Corporation by 9.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,126 shares of the specialty chemicals company’s stock worth $185,000 after purchasing an additional 544 shares in the last quarter. Finally, Frontier Wealth Management LLC bought a new stake in shares of Olin Corporation in the 2nd quarter valued at about $200,000. Institutional investors own 92.88% of the company’s stock.
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A number of equities research analysts have recently weighed in on OLN shares. Zacks Investment Research raised Olin Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Cowen and Company reaffirmed an “outperform” rating and set a $42.00 price target (up previously from $39.00) on shares of Olin Corporation in a research report on Tuesday, October 10th. BidaskClub lowered Olin Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. SunTrust Banks, Inc. reaffirmed 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, October 2nd. Finally, Citigroup Inc. initiated coverage on Olin Corporation in a report on Wednesday, September 27th. They set a “buy” rating and a $39.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $37.13.
In other news, VP Dolores J. Ennico sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total transaction of $552,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stephen C. Curley sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $30.34, for a total value of $151,700.00. Following the transaction, the vice president now owns 23,837 shares of the company’s stock, valued at approximately $723,214.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,583 shares of company stock worth $2,446,754. 2.90% of the stock is owned by insiders.
Shares of Olin Corporation (NYSE:OLN) traded up $0.35 on Friday, reaching $36.54. The company’s stock had a trading volume of 1,809,000 shares, compared to its average volume of 2,164,466. The stock has a market cap of $6,023.71, a P/E ratio of 44.68, a price-to-earnings-growth ratio of 4.15 and a beta of 1.41. The company has a current ratio of 1.72, a quick ratio of 1.03 and a debt-to-equity ratio of 1.59. Olin Corporation has a 1-year low of $23.94 and a 1-year high of $37.52.
Olin Corporation (NYSE:OLN) last released its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.04). The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.58 billion. Olin Corporation had a net margin of 1.29% and a return on equity of 6.05%. Olin Corporation’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.11 earnings per share. equities analysts expect that Olin Corporation will post 0.9 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 10th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.80 dividend on an annualized basis and a yield of 2.19%. Olin Corporation’s dividend payout ratio is currently 177.78%.
About Olin Corporation
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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