Boston Partners lessened its stake in shares of Olin Co. (NYSE:OLN) by 77.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,473 shares of the specialty chemicals company’s stock after selling 499,267 shares during the quarter. Boston Partners’ holdings in Olin were worth $4,330,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Olin by 5.3% during the 4th quarter. BlackRock Inc. now owns 16,689,125 shares of the specialty chemicals company’s stock worth $593,800,000 after buying an additional 842,715 shares during the last quarter. Iridian Asset Management LLC CT increased its holdings in shares of Olin by 5.3% in the 4th quarter. Iridian Asset Management LLC CT now owns 7,760,477 shares of the specialty chemicals company’s stock valued at $276,118,000 after acquiring an additional 390,184 shares during the period. Macquarie Group Ltd. increased its holdings in shares of Olin by 0.6% in the 4th quarter. Macquarie Group Ltd. now owns 3,300,787 shares of the specialty chemicals company’s stock valued at $117,442,000 after acquiring an additional 18,904 shares during the period. Jennison Associates LLC increased its holdings in shares of Olin by 8.7% in the 4th quarter. Jennison Associates LLC now owns 2,165,117 shares of the specialty chemicals company’s stock valued at $77,035,000 after acquiring an additional 172,700 shares during the period. Finally, Luminus Management LLC increased its holdings in shares of Olin by 154.3% in the 4th quarter. Luminus Management LLC now owns 1,682,824 shares of the specialty chemicals company’s stock valued at $59,875,000 after acquiring an additional 1,020,982 shares during the period. Institutional investors and hedge funds own 89.02% of the company’s stock.
Shares of Olin opened at $33.19 on Friday, according to Marketbeat. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.05 and a current ratio of 1.75. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 40.98, a PEG ratio of 0.85 and a beta of 1.44. Olin Co. has a 1 year low of $32.74 and a 1 year high of $32.98.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Thursday, May 10th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, May 9th. This represents a $0.80 annualized dividend and a yield of 2.41%. Olin’s dividend payout ratio is currently 98.77%.
Olin declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 1st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have recently commented on OLN shares. Zacks Investment Research raised shares of Olin from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 17th. Citigroup cut their target price on shares of Olin from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Tuesday, April 10th. ValuEngine cut shares of Olin from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Royal Bank of Canada reaffirmed a “buy” rating and issued a $37.00 target price on shares of Olin in a report on Tuesday, April 17th. Finally, Cowen reaffirmed a “buy” rating and issued a $41.00 target price on shares of Olin in a report on Friday, February 9th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Olin has a consensus rating of “Buy” and an average target price of $38.33.
In other Olin news, insider Stephen C. Curley sold 6,250 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $33.00, for a total value of $206,250.00. Following the transaction, the insider now directly owns 25,837 shares of the company’s stock, valued at approximately $852,621. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John L. Mcintosh sold 8,750 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $32.79, for a total transaction of $286,912.50. Following the completion of the transaction, the executive vice president now directly owns 63,891 shares in the company, valued at $2,094,985.89. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
Olin Corporation manufactures and distributes chemical products in the United States and internationally. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.
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