State Treasurer State of Michigan increased its position in Olin Corporation (NYSE:OLN) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 68,411 shares of the specialty chemicals company’s stock after buying an additional 1,200 shares during the period. State Treasurer State of Michigan’s holdings in Olin Corporation were worth $2,071,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in OLN. Bollard Group LLC boosted its stake in Olin Corporation by 0.6% in the first quarter. Bollard Group LLC now owns 3,180 shares of the specialty chemicals company’s stock valued at $105,000 after buying an additional 19 shares during the period. World Asset Management Inc boosted its stake in Olin Corporation by 1.7% in the first quarter. World Asset Management Inc now owns 10,125 shares of the specialty chemicals company’s stock valued at $333,000 after buying an additional 168 shares during the period. OppenheimerFunds Inc. boosted its stake in Olin Corporation by 0.5% in the first quarter. OppenheimerFunds Inc. now owns 44,497 shares of the specialty chemicals company’s stock valued at $1,462,000 after buying an additional 201 shares during the period. Meadow Creek Investment Management LLC boosted its stake in Olin Corporation by 6.9% in the first quarter. Meadow Creek Investment Management LLC now owns 4,464 shares of the specialty chemicals company’s stock valued at $147,000 after buying an additional 288 shares during the period. Finally, Neuburgh Advisers LLC boosted its stake in Olin Corporation by 6.9% in the first quarter. Neuburgh Advisers LLC now owns 6,138 shares of the specialty chemicals company’s stock valued at $202,000 after buying an additional 396 shares during the period. Hedge funds and other institutional investors own 93.02% of the company’s stock.
Olin Corporation (OLN) traded up 1.35% during midday trading on Friday, hitting $30.02. The company had a trading volume of 1,770,151 shares. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of 116.81 and a beta of 1.43. Olin Corporation has a 12-month low of $18.24 and a 12-month high of $33.88. The company’s 50 day moving average is $30.43 and its 200 day moving average is $30.82.
Olin Corporation (NYSE:OLN) last released its quarterly earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.15. Olin Corporation had a return on equity of 5.80% and a net margin of 0.72%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the business posted $0.24 earnings per share. Olin Corporation’s revenue was up 11.9% compared to the same quarter last year. On average, equities analysts anticipate that Olin Corporation will post $1.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 10th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.66%. The ex-dividend date is Tuesday, August 8th. Olin Corporation’s dividend payout ratio is currently 320.00%.
OLN has been the subject of several analyst reports. Cowen and Company reissued an “outperform” rating and set a $39.00 target price (up from $37.00) on shares of Olin Corporation in a research note on Thursday, June 22nd. Bank of America Corporation began coverage on Olin Corporation in a report on Monday, May 8th. They set a “buy” rating and a $40.00 price target for the company. BidaskClub raised Olin Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $35.00 price target on shares of Olin Corporation in a report on Tuesday, May 16th. Finally, Tudor Pickering assumed coverage on Olin Corporation in a report on Friday, May 12th. They issued a “buy” rating and a $37.00 target price for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $32.75.
In related news, VP Stephen C. Curley sold 5,000 shares of Olin Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $30.34, for a total transaction of $151,700.00. Following the sale, the vice president now directly owns 23,837 shares of the company’s stock, valued at approximately $723,214.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John L. Mcintosh sold 24,000 shares of Olin Corporation stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total transaction of $756,960.00. Following the sale, the executive vice president now owns 84,391 shares in the company, valued at $2,661,692.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,070 shares of company stock worth $1,407,151. Insiders own 2.90% of the company’s stock.
Olin Corporation Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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