Comerica Bank lowered its position in shares of Olin Co. (NYSE:OLN) by 67.2% during the first quarter, Holdings Channel reports. The fund owned 184,905 shares of the specialty chemicals company’s stock after selling 379,183 shares during the quarter. Comerica Bank’s holdings in Olin were worth $4,473,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Renaissance Technologies LLC raised its holdings in shares of Olin by 33.0% in the 3rd quarter. Renaissance Technologies LLC now owns 117,577 shares of the specialty chemicals company’s stock valued at $3,019,000 after acquiring an additional 29,177 shares in the last quarter. Federated Investors Inc. PA raised its holdings in shares of Olin by 295.0% in the 3rd quarter. Federated Investors Inc. PA now owns 519,686 shares of the specialty chemicals company’s stock valued at $13,346,000 after acquiring an additional 388,129 shares in the last quarter. Vanguard Group Inc raised its holdings in shares of Olin by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 15,522,700 shares of the specialty chemicals company’s stock valued at $398,623,000 after acquiring an additional 198,463 shares in the last quarter. Gateway Investment Advisers LLC raised its holdings in shares of Olin by 13.3% in the 4th quarter. Gateway Investment Advisers LLC now owns 134,860 shares of the specialty chemicals company’s stock valued at $2,712,000 after acquiring an additional 15,828 shares in the last quarter. Finally, Fruth Investment Management raised its holdings in shares of Olin by 2.7% in the 4th quarter. Fruth Investment Management now owns 61,175 shares of the specialty chemicals company’s stock valued at $1,230,000 after acquiring an additional 1,600 shares in the last quarter. Hedge funds and other institutional investors own 87.49% of the company’s stock.
Shares of NYSE OLN opened at $21.22 on Thursday. The stock has a market cap of $3.35 billion, a P/E ratio of 12.13, a PEG ratio of 0.68 and a beta of 1.53. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.85 and a current ratio of 1.48. Olin Co. has a 1-year low of $17.87 and a 1-year high of $34.42.
Olin (NYSE:OLN) last announced its quarterly earnings data on Tuesday, April 30th. The specialty chemicals company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.04). The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Olin had a net margin of 5.14% and a return on equity of 11.12%. The business’s quarterly revenue was down 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, equities analysts expect that Olin Co. will post 1.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.77%. Olin’s dividend payout ratio is 45.71%.
In related news, VP Brett A. Flaugher sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $26.53, for a total transaction of $331,625.00. Following the transaction, the vice president now directly owns 40,629 shares in the company, valued at approximately $1,077,887.37. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Scott Mcdougald Sutton purchased 7,000 shares of Olin stock in a transaction that occurred on Friday, May 3rd. The shares were bought at an average price of $21.02 per share, for a total transaction of $147,140.00. Following the completion of the transaction, the director now owns 22,000 shares in the company, valued at $462,440. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.
OLN has been the topic of several recent analyst reports. KeyCorp initiated coverage on Olin in a report on Monday, January 28th. They issued an “overweight” rating and a $30.00 price target on the stock. Nomura cut Olin from a “neutral” rating to a “reduce” rating and lowered their price target for the company from $23.00 to $22.00 in a report on Wednesday, January 30th. Cowen reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Olin in a report on Wednesday, February 6th. ValuEngine raised Olin from a “sell” rating to a “hold” rating in a report on Wednesday, February 13th. Finally, Alembic Global Advisors began coverage on Olin in a report on Monday, April 22nd. They issued a “buy” rating and a $32.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $29.33.
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, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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