Balter Liquid Alternatives LLC purchased a new stake in Olin Co. (NYSE:OLN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,335 shares of the specialty chemicals company’s stock, valued at approximately $154,000.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Russell Investments Group Ltd. lifted its stake in Olin by 101.6% in the second quarter. Russell Investments Group Ltd. now owns 26,951 shares of the specialty chemicals company’s stock valued at $772,000 after buying an additional 13,580 shares during the period. Arizona State Retirement System lifted its stake in Olin by 2.7% in the second quarter. Arizona State Retirement System now owns 116,092 shares of the specialty chemicals company’s stock valued at $3,334,000 after buying an additional 3,023 shares during the period. Rational Advisors LLC lifted its stake in Olin by 36.0% in the second quarter. Rational Advisors LLC now owns 73,105 shares of the specialty chemicals company’s stock valued at $2,100,000 after buying an additional 19,356 shares during the period. Strs Ohio acquired a new position in Olin in the second quarter valued at approximately $319,000. Finally, Boston Partners lifted its stake in Olin by 18.4% in the second quarter. Boston Partners now owns 168,759 shares of the specialty chemicals company’s stock valued at $4,847,000 after buying an additional 26,286 shares during the period. 85.69% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP John L. Mcintosh sold 42,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $29.98, for a total transaction of $1,259,160.00. Following the transaction, the executive vice president now directly owns 97,141 shares of the company’s stock, valued at $2,912,287.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by corporate insiders.
OLN has been the topic of several recent analyst reports. Susquehanna Bancshares boosted their price target on Olin from $37.00 to $40.00 and gave the company a “positive” rating in a research note on Thursday, August 2nd. TheStreet lowered Olin from a “b” rating to a “c+” rating in a research note on Tuesday, May 1st. ValuEngine lowered Olin from a “hold” rating to a “sell” rating in a research note on Thursday, June 21st. Royal Bank of Canada lowered Olin from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $38.85 to $27.79 in a research note on Monday, June 11th. Finally, Citigroup lowered their target price on Olin from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, July 11th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $38.20.
Shares of NYSE:OLN opened at $29.70 on Friday. The company has a current ratio of 1.80, a quick ratio of 1.07 and a debt-to-equity ratio of 1.27. Olin Co. has a twelve month low of $27.68 and a twelve month high of $38.84. The company has a market cap of $4.93 billion, a PE ratio of 36.67, a PEG ratio of 0.56 and a beta of 1.48.
Olin (NYSE:OLN) last issued its earnings results on Tuesday, July 31st. The specialty chemicals company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.15. Olin had a return on equity of 8.84% and a net margin of 9.40%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.77 billion. equities analysts predict that Olin Co. will post 2.1 EPS for the current fiscal year.
Olin announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 9.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Friday, August 10th 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 2.69%. The ex-dividend date of this dividend is Thursday, August 9th. Olin’s payout ratio is 98.77%.
Olin Company Profile
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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