180 Wealth Advisors LLC purchased a new position in Olin Co. (NYSE:OLN) in the second quarter, Holdings Channel reports. The fund purchased 4,447 shares of the specialty chemicals company’s stock, valued at approximately $211,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OLN. NEXT Financial Group Inc purchased a new stake in Olin during the 2nd quarter worth approximately $33,000. Strategic Blueprint LLC purchased a new stake in Olin during the 2nd quarter worth approximately $33,000. Eaton Vance Management purchased a new stake in Olin during the 1st quarter worth approximately $35,000. Lazard Asset Management LLC purchased a new stake in Olin during the 1st quarter worth approximately $37,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Olin during the 1st quarter worth approximately $43,000. 84.82% of the stock is owned by institutional investors.
In related news, COO James A. Varilek sold 34,728 shares of the stock in a transaction on Wednesday, September 1st. The stock was sold at an average price of $51.22, for a total value of $1,778,768.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott D. Ferguson sold 3,000,000 shares of the stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $49.45, for a total value of $148,350,000.00. The disclosure for this sale can be found here. 11.90% of the stock is currently owned by company insiders.
Olin (NYSE:OLN) last released its quarterly earnings results on Monday, July 26th. The specialty chemicals company reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.77. Olin had a positive return on equity of 28.77% and a negative net margin of 2.36%. The company had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.12 billion. During the same period in the prior year, the firm earned ($0.76) earnings per share. The firm’s revenue was up 79.0% compared to the same quarter last year. On average, sell-side analysts expect that Olin Co. will post 7.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Tuesday, August 10th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Monday, August 9th. Olin’s payout ratio is currently -59.26%.
OLN has been the subject of several research reports. Barclays boosted their price objective on Olin from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 5th. Alembic Global Advisors restated a “buy” rating and issued a $65.00 price target on shares of Olin in a research report on Monday, August 23rd. Zacks Investment Research lowered Olin from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research report on Wednesday, September 29th. Piper Sandler initiated coverage on Olin in a research report on Monday, September 13th. They issued an “overweight” rating and a $70.00 price target for the company. Finally, TheStreet upgraded Olin from a “c” rating to a “b-” rating in a research report on Monday, August 2nd. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $57.80.
Olin Corp. engages in manufacturing of chemicals products. It operates through the following 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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