Louisiana State Employees Retirement System lowered its position in shares of Olin Corp. (NYSE:OLN) by 4.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,900 shares of the company’s stock after selling 1,900 shares during the period. Louisiana State Employees Retirement System’s holdings in Olin Corp. were worth $1,090,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Adage Capital Partners GP L.L.C. increased its position in shares of Olin Corp. by 11.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 8,254,256 shares of the company’s stock worth $143,376,000 after buying an additional 820,009 shares in the last quarter. State Street Corp increased its position in shares of Olin Corp. by 9.9% in the first quarter. State Street Corp now owns 8,580,926 shares of the company’s stock worth $149,048,000 after buying an additional 774,053 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Olin Corp. by 537.3% in the first quarter. Prudential Financial Inc. now owns 714,982 shares of the company’s stock worth $12,419,000 after buying an additional 602,800 shares in the last quarter. Sterneck Capital Management LLC increased its position in shares of Olin Corp. by 25.6% in the first quarter. Sterneck Capital Management LLC now owns 70,700 shares of the company’s stock worth $1,228,000 after buying an additional 14,400 shares in the last quarter. Finally, Aperio Group LLC increased its position in shares of Olin Corp. by 39.6% in the first quarter. Aperio Group LLC now owns 30,787 shares of the company’s stock worth $535,000 after buying an additional 8,741 shares in the last quarter. Institutional investors and hedge funds own 92.85% of the company’s stock.
Olin Corp. (NYSE:OLN) traded up 2.50% during mid-day trading on Friday, hitting $20.52. The stock had a trading volume of 2,656,317 shares. The company’s market capitalization is $3.39 billion. The stock’s 50-day moving average is $20.25 and its 200 day moving average is $21.13. Olin Corp. has a 52 week low of $12.29 and a 52 week high of $26.46.
Olin Corp. (NYSE:OLN) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.07. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.47 billion. Olin Corp. had a positive return on equity of 4.25% and a negative net margin of 2.05%. The business’s quarterly revenue was up 154.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. Equities analysts forecast that Olin Corp. will post $1.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend was Monday, August 8th. Olin Corp.’s payout ratio is presently -150.94%.
OLN has been the topic of a number of research analyst reports. Longbow Research downgraded Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price target on the stock. in a report on Wednesday, September 7th. Cowen and Company upgraded Olin Corp. from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $31.00 in a report on Tuesday, June 28th. Zacks Investment Research downgraded Olin Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 31st. Royal Bank Of Canada lowered their target price on Olin Corp. from $28.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, July 22nd. Finally, RBC Capital Markets restated 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 equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. Olin Corp. has an average rating of “Hold” and an average target price of $23.11.
In related news, EVP John L. Mcintosh sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $21.59, for a total transaction of $215,900.00. Following the sale, the executive vice president now owns 60,391 shares of the company’s stock, valued at approximately $1,303,841.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate 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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