Rhumbline Advisers decreased its position in shares of Olin Co. (NYSE:OLN) by 3.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 295,412 shares of the specialty chemicals company’s stock after selling 11,569 shares during the period. Rhumbline Advisers’ holdings in Olin were worth $8,978,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of OLN. Creative Planning purchased a new stake in Olin during the fourth quarter valued at approximately $369,000. Schwab Charles Investment Management Inc. lifted its position in Olin by 4.2% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,026,964 shares of the specialty chemicals company’s stock valued at $36,540,000 after acquiring an additional 41,061 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in Olin during the fourth quarter valued at approximately $210,000. State of Alaska Department of Revenue purchased a new stake in Olin during the fourth quarter valued at approximately $348,000. Finally, Naples Global Advisors LLC purchased a new stake in Olin during the fourth quarter valued at approximately $206,000. 89.02% of the stock is owned by institutional investors.
NYSE OLN opened at $33.18 on Thursday. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of 40.96, a P/E/G ratio of 0.86 and a beta of 1.44. Olin Co. has a 12-month low of $32.74 and a 12-month high of $32.98. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.75 and a quick ratio of 1.05.
Olin declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 1st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 9.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Thursday, May 10th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, May 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.41%. Olin’s dividend payout ratio is currently 98.77%.
In other Olin news, insider Stephen C. Curley sold 6,250 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $33.00, for a total value of $206,250.00. Following the completion of the transaction, the insider now owns 25,837 shares of the company’s stock, valued at $852,621. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John L. Mcintosh sold 8,750 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $32.79, for a total transaction of $286,912.50. Following the completion of the transaction, the executive vice president now directly owns 63,891 shares of the company’s stock, valued at approximately $2,094,985.89. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
A number of research firms recently commented on OLN. ValuEngine raised shares of Olin from a “sell” rating to a “hold” rating in a research report on Tuesday, May 8th. TheStreet cut shares of Olin from a “b” rating to a “c+” rating in a research report on Tuesday, May 1st. Citigroup decreased their target price on shares of Olin from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Tuesday, April 10th. Royal Bank of Canada reissued a “buy” rating and set a $37.00 target price on shares of Olin in a research report on Tuesday, April 17th. Finally, Nomura decreased their price target on shares of Olin from $43.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, February 8th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $38.33.
Olin Company Profile
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, and potassium hydroxide.
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