Northpointe Capital LLC raised its stake in Olin Corp. (NYSE:OLN) by 40.8% during the second quarter, Holdings Channel reports. The fund owned 505,179 shares of the company’s stock after buying an additional 146,298 shares during the period. Olin Corp. comprises about 1.5% of Northpointe Capital LLC’s holdings, making the stock its 11th largest position. Northpointe Capital LLC’s holdings in Olin Corp. were worth $12,549,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of OLN. BlackRock Fund Advisors boosted its stake in Olin Corp. by 18.2% in the first quarter. BlackRock Fund Advisors now owns 12,113,634 shares of the company’s stock valued at $210,414,000 after buying an additional 1,864,935 shares during the period. Goldman Sachs Group Inc. boosted its stake in Olin Corp. by 57.4% in the first quarter. Goldman Sachs Group Inc. now owns 2,707,219 shares of the company’s stock valued at $47,024,000 after buying an additional 986,845 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in 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 valued at $143,376,000 after buying an additional 820,009 shares during the period. State Street Corp boosted its stake in Olin Corp. by 9.9% in the first quarter. State Street Corp now owns 8,580,926 shares of the company’s stock valued at $149,048,000 after buying an additional 774,053 shares during the period. Finally, Monarch Partners Asset Management LLC purchased a new stake in Olin Corp. during the second quarter valued at $16,943,000. 92.85% of the stock is owned by hedge funds and other institutional investors.
Shares of Olin Corp. (NYSE:OLN) traded up 0.78% during trading on Monday, reaching $20.68. The company’s stock had a trading volume of 1,969,751 shares. The stock’s 50 day moving average price is $20.25 and its 200-day moving average price is $21.13. Olin Corp. has a 52-week low of $12.29 and a 52-week high of $26.46. The stock’s market cap is $3.42 billion.
Olin Corp. (NYSE:OLN) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate 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 business earned $1.36 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the previous year, the business earned $0.32 EPS. The business’s revenue was up 154.8% on a year-over-year basis. Equities analysts anticipate that Olin Corp. will post $1.27 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th were issued a $0.20 dividend. The ex-dividend date was Monday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 3.87%. Olin Corp.’s payout ratio is currently -150.94%.
Several analysts have recently weighed in on OLN shares. Longbow Research cut 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 boosted their price target for the stock from $18.00 to $31.00 in a report on Tuesday, June 28th. Zacks Investment Research cut Olin Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 31st. Royal Bank Of Canada reduced their price target on Olin Corp. from $28.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, July 22nd. Finally, RBC Capital Markets restated a “buy” rating and set a $24.00 price target (down from $28.00) on shares of Olin Corp. in a report on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $23.11.
In other Olin Corp. news, EVP John L. Mcintosh sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $21.59, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.80% of the stock is owned by company insiders.
About Olin Corp.
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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