Deprince Race & Zollo Inc. lowered its position in shares of Olin Corp. (NYSE:OLN) by 16.5% during the second quarter, Holdings Channel reports. The institutional investor owned 1,847,429 shares of the company’s stock after selling 366,007 shares during the period. Olin Corp. accounts for approximately 0.9% of Deprince Race & Zollo Inc.’s portfolio, making the stock its 26th largest position. Deprince Race & Zollo Inc.’s holdings in Olin Corp. were worth $45,890,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Tufton Capital Management bought a new position in shares of Olin Corp. during the second quarter worth approximately $2,051,000. Strs Ohio boosted its stake in Olin Corp. by 43.4% in the second quarter. Strs Ohio now owns 32,400 shares of the company’s stock worth $804,000 after buying an additional 9,800 shares during the last quarter. Bank of Montreal Can acquired a new stake in Olin Corp. during the second quarter worth $3,061,000. LS Investment Advisors LLC boosted its stake in Olin Corp. by 8.9% in the second quarter. LS Investment Advisors LLC now owns 9,915 shares of the company’s stock worth $246,000 after buying an additional 813 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Olin Corp. by 1,544.4% in the second quarter. Nisa Investment Advisors LLC now owns 14,800 shares of the company’s stock worth $368,000 after buying an additional 13,900 shares during the last quarter. 92.85% of the stock is owned by institutional investors and hedge funds.
Shares of Olin Corp. (NYSE:OLN) traded up 2.50% during mid-day trading on Friday, reaching $20.52. 2,656,317 shares of the company’s stock traded hands. Olin Corp. has a 12 month low of $12.29 and a 12 month high of $26.46. The firm has a 50 day moving average price of $20.26 and a 200-day moving average price of $21.10. The stock’s market cap is $3.39 billion.
Olin Corp. (NYSE:OLN) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by $0.07. Olin Corp. had a negative net margin of 2.05% and a positive return on equity of 4.25%. The firm earned $1.36 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period last year, the business earned $0.32 EPS. The business’s revenue was up 154.8% on a year-over-year basis. On average, analysts predict that Olin Corp. will post $1.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend was Monday, August 8th. Olin Corp.’s dividend payout ratio is presently -150.94%.
A number of analysts recently weighed in on OLN shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 target price (up previously from $25.00) on shares of Olin Corp. in a research note on Monday, June 13th. Cowen and Company raised shares of Olin Corp. from a “market perform” rating to an “outperform” rating and upped their target price for the company from $18.00 to $31.00 in a research note on Tuesday, June 28th. Zacks Investment Research raised shares of Olin Corp. from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Wednesday, July 6th. Nomura reissued a “buy” rating on shares of Olin Corp. in a research note on Tuesday, July 12th. Finally, RBC Capital Markets reissued a “buy” rating and issued a $24.00 target price (down previously from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. Olin Corp. presently has an average rating of “Hold” and an average price target of $23.11.
In other news, EVP John L. Mcintosh sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total transaction of $215,900.00. Following the completion of the sale, the executive vice president now owns 60,391 shares in the company, valued at approximately $1,303,841.69. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.80% of the company’s stock.
Olin Corp. Company Profile
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, hydrogen, bleach products and potassium hydroxide.
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