CenterBook Partners LP lessened its position in Olin Corporation (NYSE:OLN – Free Report) by 89.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 46,991 shares of the specialty chemicals company’s stock after selling 394,594 shares during the period. CenterBook Partners LP’s holdings in Olin were worth $728,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the company. Rockefeller Capital Management L.P. lifted its stake in shares of Olin by 115.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 659 shares during the period. Sunbelt Securities Inc. acquired a new stake in Olin during the first quarter worth approximately $45,000. Nykredit A S purchased a new stake in Olin in the 2nd quarter worth approximately $59,000. IFP Advisors Inc grew its stake in Olin by 118.9% in the 2nd quarter. IFP Advisors Inc now owns 3,163 shares of the specialty chemicals company’s stock worth $63,000 after acquiring an additional 1,718 shares during the period. Finally, Parallel Advisors LLC grew its stake in Olin by 322.2% in the 1st quarter. Parallel Advisors LLC now owns 3,682 shares of the specialty chemicals company’s stock worth $109,000 after acquiring an additional 2,810 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have weighed in on OLN shares. Truist Financial boosted their price target on Olin from $15.00 to $17.00 and gave the company a “hold” rating in a report on Monday, November 2nd. Citigroup raised their price objective on Olin from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, November 2nd. Wall Street Zen raised Olin from a “sell” rating to a “hold” rating in a research report on Sunday. KeyCorp began coverage on Olin in a research note on Friday, September 11th. They issued an “overweight” rating and a $26.00 target price for the company. Finally, UBS Group dropped their target price on Olin from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, October 5th. One research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Olin has an average rating of “Reduce” and an average target price of $20.64.
View Our Latest Stock Analysis on OLN
Olin Price Performance
OLN opened at $17.48 on Wednesday. The company’s 50 day simple moving average is $16.47 and its 200 day simple moving average is $22.07. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.45 and a quick ratio of 0.88. Olin Corporation has a 1 year low of $14.64 and a 1 year high of $30.46.
Olin (NYSE:OLN – Get Free Report) last released its earnings results on Thursday, October 29th. The specialty chemicals company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Olin had a negative net margin of 2.49% and a negative return on equity of 6.63%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Olin’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities analysts forecast that Olin Corporation will post -0.83 EPS for the current year.
Olin Profile
Olin Corporation is a chemicals and ammunition manufacturer headquartered in Clayton, Missouri. Its businesses include chlor-alkali products and vinyls, epoxy materials, and Winchester-branded ammunition. Olin’s chemical operations produce chlorine, caustic soda, vinyl chloride and related products, as well as epoxy resins and intermediates. These materials serve customers in industries such as construction, water treatment, manufacturing and transportation. The company traces its origins to 1892, when Franklin W. Olin founded the Equitable Powder Company.
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