Prudential Financial Inc. trimmed its position in shares of Olin Corporation (NYSE:OLN) by 22.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,013,415 shares of the specialty chemicals company’s stock after selling 291,290 shares during the quarter. Prudential Financial Inc. owned 0.61% of Olin Corporation worth $34,709,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in OLN. Acrospire Investment Management LLC boosted its holdings in Olin Corporation by 238.5% during the 2nd quarter. Acrospire Investment Management LLC now owns 4,400 shares of the specialty chemicals company’s stock valued at $133,000 after acquiring an additional 3,100 shares during the period. Creative Planning boosted its stake in shares of Olin Corporation by 130.8% in the 2nd quarter. Creative Planning now owns 5,050 shares of the specialty chemicals company’s stock valued at $153,000 after buying an additional 2,862 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Olin Corporation by 9.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,126 shares of the specialty chemicals company’s stock valued at $185,000 after buying an additional 544 shares during the period. Frontier Wealth Management LLC purchased a new position in shares of Olin Corporation in the 2nd quarter valued at about $200,000. Finally, Heartland Advisors Inc. purchased a new position in shares of Olin Corporation in the 3rd quarter valued at about $217,000. Institutional investors own 93.79% of the company’s stock.
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Several brokerages have recently issued reports on OLN. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $46.00 price objective on shares of Olin Corporation in a research note on Monday, November 6th. TheStreet upgraded Olin Corporation from a “c+” rating to a “b” rating in a research note on Tuesday, October 31st. Zacks Investment Research upgraded Olin Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Cowen and Company reiterated an “outperform” rating and issued a $42.00 price objective (up previously from $39.00) on shares of Olin Corporation in a research note on Tuesday, October 10th. Finally, Citigroup Inc. began coverage on Olin Corporation in a research note on Wednesday, September 27th. They issued a “buy” rating and a $39.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $37.13.
In other Olin Corporation news, Director C Robert Bunch sold 10,000 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $36.00, for a total transaction of $360,000.00. Following the completion of the sale, the director now directly owns 3,860 shares in the company, valued at $138,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Dolores J. Ennico sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total value of $552,000.00. The disclosure for this sale can be found here. Insiders sold 62,583 shares of company stock valued at $2,295,054 over the last quarter. Insiders own 2.90% of the company’s stock.
Shares of Olin Corporation (NYSE OLN) opened at $36.54 on Tuesday. The company has a current ratio of 1.72, a quick ratio of 1.03 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $6,081.97, a price-to-earnings ratio of 45.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.41. Olin Corporation has a 12-month low of $24.17 and a 12-month high of $37.52.
Olin Corporation (NYSE:OLN) last released its earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.04). The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.58 billion. Olin Corporation had a net margin of 1.29% and a return on equity of 6.05%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 earnings per share. equities analysts predict that Olin Corporation will post 0.9 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 10th will be paid a $0.20 dividend. The ex-dividend date is Thursday, November 9th. This represents a $0.80 annualized dividend and a yield of 2.19%. Olin Corporation’s payout ratio is currently 177.78%.
Olin Corporation 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, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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