Northern Trust Corp reduced its stake in Olin Corporation (NYSE:OLN) by 60.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,410,839 shares of the specialty chemicals company’s stock after selling 2,116,197 shares during the quarter. Northern Trust Corp owned about 0.85% of Olin Corporation worth $42,721,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of OLN. Russell Investments Group Ltd. bought a new stake in shares of Olin Corporation in the 1st quarter worth approximately $1,398,000. UBS Asset Management Americas Inc. boosted its position in shares of Olin Corporation by 41.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 137,846 shares of the specialty chemicals company’s stock worth $4,531,000 after purchasing an additional 40,086 shares in the last quarter. Karp Capital Management Corp bought a new stake in shares of Olin Corporation in the 1st quarter worth approximately $722,000. Parametric Portfolio Associates LLC boosted its position in shares of Olin Corporation by 15.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 128,056 shares of the specialty chemicals company’s stock worth $4,209,000 after purchasing an additional 17,131 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Olin Corporation by 5.3% in the 1st quarter. Alliancebernstein L.P. now owns 337,850 shares of the specialty chemicals company’s stock worth $11,105,000 after purchasing an additional 16,889 shares in the last quarter. 92.62% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on OLN. Cowen and Company reissued an “outperform” rating and issued a $42.00 price target (up from $39.00) on shares of Olin Corporation in a research report on Tuesday. BidaskClub upgraded shares of Olin Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. UBS AG restated a “neutral” rating and issued a $30.00 price objective (down from $33.00) on shares of Olin Corporation in a report on Sunday, June 25th. Royal Bank Of Canada restated a “buy” rating and issued a $35.00 price objective on shares of Olin Corporation in a report on Tuesday, June 20th. Finally, SunTrust Banks, Inc. restated a “buy” rating and issued a $44.00 price objective (up from $36.00) on shares of Olin Corporation in a report on Monday, October 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $36.88.
Olin Corporation (NYSE OLN) opened at 36.05 on Wednesday. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of 140.27 and a beta of 1.42. The company has a 50-day moving average of $32.97 and a 200-day moving average of $31.24. Olin Corporation has a one year low of $19.62 and a one year high of $36.84.
Olin Corporation (NYSE:OLN) last announced its earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.15). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.51 billion. Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. Olin Corporation’s revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. On average, equities analysts forecast that Olin Corporation will post $1.07 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 10th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.80 annualized dividend and a yield of 2.22%. Olin Corporation’s dividend payout ratio (DPR) is 320.00%.
In other Olin Corporation news, EVP John L. Mcintosh sold 24,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $31.54, for a total value of $756,960.00. Following the completion of the sale, the executive vice president now directly owns 84,391 shares in the company, valued at $2,661,692.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John L. Mcintosh sold 16,070 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total transaction of $498,491.40. Following the completion of the sale, the executive vice president now owns 60,391 shares of the company’s stock, valued at $1,873,328.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,070 shares of company stock valued at $1,407,151. 2.90% of the stock is owned by insiders.
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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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