Olin (OLN) Shares Up 7.1%

Shares of Olin Co. (NYSE:OLN) shot up 7.1% during mid-day trading on Thursday . The stock traded as high as $21.81 and last traded at $21.64. 3,972,979 shares changed hands during mid-day trading, an increase of 87% from the average session volume of 2,130,049 shares. The stock had previously closed at $20.20.

Several brokerages recently issued reports on OLN. Cowen boosted their price objective on shares of Olin from $41.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, August 6th. Zacks Investment Research lowered shares of Olin from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Royal Bank of Canada reduced their price objective on shares of Olin to $22.00 and set a “sector perform” rating on the stock in a report on Wednesday. Morgan Stanley set a $38.00 price objective on shares of Olin and gave the company a “buy” rating in a report on Wednesday, September 26th. Finally, Citigroup reduced their price objective on shares of Olin from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, July 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $31.91.

The stock has a market capitalization of $3.29 billion, a P/E ratio of 26.72 and a beta of 1.53. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.81 and a quick ratio of 1.07.

Olin (NYSE:OLN) last announced its quarterly earnings data on Monday, October 29th. The specialty chemicals company reported $0.66 EPS for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.09). Olin had a return on equity of 10.70% and a net margin of 11.02%. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. Research analysts anticipate that Olin Co. will post 2.02 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 9th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date is Thursday, November 8th. Olin’s dividend payout ratio is presently 98.77%.

In related news, EVP John L. Mcintosh sold 42,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $29.98, for a total value of $1,259,160.00. Following the completion of the transaction, the executive vice president now directly owns 97,141 shares of the company’s stock, valued at $2,912,287.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Balter Liquid Alternatives LLC acquired a new position in Olin in the second quarter valued at approximately $154,000. Baird Financial Group Inc. acquired a new position in Olin in the second quarter valued at approximately $204,000. WINTON GROUP Ltd acquired a new position in Olin in the first quarter valued at approximately $222,000. Acadian Asset Management LLC acquired a new position in Olin in the third quarter valued at approximately $236,000. Finally, MAI Capital Management acquired a new position in Olin in the second quarter valued at approximately $240,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Olin Company Profile (NYSE:OLN)

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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