Mirae Asset Global Investments Co. Ltd. increased its position in shares of Olin Co. (NYSE:OLN) by 190.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,712 shares of the specialty chemicals company’s stock after acquiring an additional 18,811 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Olin were worth $577,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Texas Permanent School Fund raised its stake in Olin by 3.9% during the 4th 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 during the period. Bank of New York Mellon Corp raised its stake in Olin by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 2,430,261 shares of the specialty chemicals company’s stock worth $48,872,000 after buying an additional 345,851 shares during the period. BlackRock Inc. raised its stake in Olin by 4.2% during the 4th quarter. BlackRock Inc. now owns 19,355,169 shares of the specialty chemicals company’s stock worth $389,232,000 after buying an additional 787,982 shares during the period. 22NW LP acquired a new position in Olin during the 4th quarter worth approximately $1,562,000. Finally, California Public Employees Retirement System raised its stake in Olin by 26.3% during the 4th quarter. California Public Employees Retirement System now owns 413,685 shares of the specialty chemicals company’s stock worth $8,319,000 after buying an additional 86,186 shares during the period. Institutional investors and hedge funds own 85.22% of the company’s stock.
A number of research firms recently weighed in on OLN. Cowen reaffirmed an “outperform” rating and set a $32.00 price target on shares of Olin in a research note on Wednesday, February 6th. Stifel Nicolaus began coverage on Olin in a research note on Monday, December 10th. They set a “buy” rating and a $33.00 price target on the stock. Zacks Investment Research raised Olin from a “sell” rating to a “hold” rating in a research note on Friday, January 4th. ValuEngine downgraded Olin from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Finally, Nomura downgraded Olin from a “neutral” rating to a “reduce” rating and dropped their price target for the stock from $23.00 to $22.00 in a research note on Wednesday, January 30th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $29.27.
In other news, VP Brett A. Flaugher sold 12,500 shares of the stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $26.53, for a total value of $331,625.00. Following the completion of the sale, the vice president now directly owns 40,629 shares of the company’s stock, valued at $1,077,887.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.90% of the company’s stock.
Shares of Olin stock opened at $23.37 on Friday. The company has a market capitalization of $3.94 billion, a PE ratio of 13.35, a P/E/G ratio of 0.40 and a beta of 1.61. Olin Co. has a 52 week low of $17.87 and a 52 week high of $34.42. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.53 and a quick ratio of 0.89.
Olin (NYSE:OLN) last issued its quarterly earnings data on Monday, February 4th. The specialty chemicals company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Olin had a return on equity of 10.42% and a net margin of 4.72%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the company earned $2.89 earnings per share. On average, equities research analysts predict that Olin Co. will post 1.87 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Monday, February 11th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Friday, February 8th. Olin’s dividend payout ratio (DPR) is presently 45.71%.
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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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