Public Employees Retirement System of Ohio acquired a new stake in Olin Corporation (NYSE:OLN – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 32,371 shares of the specialty chemicals company’s stock, valued at approximately $642,000.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Amundi raised its stake in Olin by 337.2% in the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock valued at $20,336,000 after acquiring an additional 527,586 shares during the period. Empowered Funds LLC boosted its position in Olin by 1,946.0% during the first quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company’s stock worth $12,950,000 after purchasing an additional 414,309 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Olin by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after purchasing an additional 1,031,498 shares in the last quarter. Sei Investments Co. increased its stake in shares of Olin by 132.5% in the first quarter. Sei Investments Co. now owns 169,374 shares of the specialty chemicals company’s stock worth $5,036,000 after purchasing an additional 96,516 shares in the last quarter. Finally, Pzena Investment Management LLC increased its stake in shares of Olin by 17.5% in the fourth quarter. Pzena Investment Management LLC now owns 4,507,913 shares of the specialty chemicals company’s stock worth $93,900,000 after purchasing an additional 671,250 shares in the last quarter. 88.67% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of analysts recently commented on OLN shares. The Goldman Sachs Group dropped their price target on shares of Olin from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. Truist Financial reduced their price objective on shares of Olin from $24.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, August 3rd. Wall Street Zen cut shares of Olin from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Citigroup downgraded Olin from a “neutral” rating to an “underperform” rating in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. reduced their price target on Olin from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $22.62.
Olin Price Performance
OLN stock opened at $17.46 on Thursday. The firm has a 50 day moving average of $19.63 and a 200-day moving average of $23.61. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 1.77. Olin Corporation has a 12 month low of $16.73 and a 12 month high of $30.46. The firm has a market capitalization of $1.99 billion, a P/E ratio of -14.20 and a beta of 1.20.
Olin (NYSE:OLN – Get Free Report) last posted its earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.25). Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%.The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the company posted ($0.01) EPS. The business’s revenue was down .9% on a year-over-year basis. As a group, sell-side analysts predict that Olin Corporation will post -0.68 earnings per share for the current fiscal year.
Olin Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Thursday, August 27th. Olin’s payout ratio is -65.04%.
Olin Company Profile
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.
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