State of Alaska Department of Revenue Purchases 33,930 Shares of Olin Corporation $OLN

State of Alaska Department of Revenue increased its position in Olin Corporation (NYSE:OLN) by 35.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,465 shares of the specialty chemicals company’s stock after purchasing an additional 33,930 shares during the period. State of Alaska Department of Revenue’s holdings in Olin were worth $2,716,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Olin by 5.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 12,690,488 shares of the specialty chemicals company’s stock valued at $317,135,000 after buying an additional 661,730 shares in the last quarter. State Street Corp increased its stake in shares of Olin by 1.1% in the 2nd quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock worth $97,043,000 after acquiring an additional 50,309 shares in the last quarter. Millennium Management LLC increased its stake in shares of Olin by 1,063.0% in the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after acquiring an additional 2,272,877 shares in the last quarter. Semper Augustus Investments Group LLC lifted its position in Olin by 141.3% during the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock valued at $48,087,000 after acquiring an additional 1,126,809 shares during the period. Finally, AQR Capital Management LLC lifted its position in Olin by 80.5% during the 3rd quarter. AQR Capital Management LLC now owns 1,811,533 shares of the specialty chemicals company’s stock valued at $44,564,000 after acquiring an additional 807,846 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

Shares of OLN stock opened at $26.08 on Friday. Olin Corporation has a one year low of $18.08 and a one year high of $30.46. The company’s 50-day moving average is $26.23 and its 200 day moving average is $23.47. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of -68.64 and a beta of 1.37. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.73 and a current ratio of 1.21.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.58). The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 earnings per share. Sell-side analysts expect that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.80 annualized dividend and a dividend yield of 3.1%. Olin’s dividend payout ratio (DPR) is -210.53%.

Insider Buying and Selling

In related news, CFO Todd A. Slater sold 92,250 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $22.48, for a total value of $2,073,780.00. Following the completion of the transaction, the chief financial officer directly owned 44,291 shares in the company, valued at $995,661.68. The trade was a 67.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Angela M. Castle sold 2,379 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the completion of the transaction, the vice president directly owned 1,528 shares in the company, valued at $37,054. This trade represents a 60.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 99,379 shares of company stock worth $2,238,298 in the last three months. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

OLN has been the topic of several research reports. BMO Capital Markets cut their price objective on shares of Olin from $25.00 to $24.00 and set a “market perform” rating on the stock in a report on Tuesday, February 3rd. Mizuho lifted their target price on shares of Olin from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, March 31st. Wells Fargo & Company raised Olin from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $25.00 to $35.00 in a research report on Monday, April 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Olin in a research note on Thursday, January 22nd. Finally, Citigroup raised their price objective on Olin from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $25.93.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.