Boston Partners decreased its holdings in Olin Co. (NYSE:OLN) by 77.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 142,473 shares of the specialty chemicals company’s stock after selling 499,267 shares during the quarter. Boston Partners owned 0.09% of Olin worth $4,330,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of OLN. Luminus Management LLC boosted its stake in shares of Olin by 154.3% in the fourth quarter. Luminus Management LLC now owns 1,682,824 shares of the specialty chemicals company’s stock valued at $59,875,000 after purchasing an additional 1,020,982 shares during the period. BlackRock Inc. boosted its stake in shares of Olin by 5.3% in the fourth quarter. BlackRock Inc. now owns 16,689,125 shares of the specialty chemicals company’s stock valued at $593,800,000 after purchasing an additional 842,715 shares during the period. Manning & Napier Group LLC purchased a new position in shares of Olin in the first quarter valued at approximately $24,199,000. Mackay Shields LLC purchased a new position in shares of Olin in the first quarter valued at approximately $13,649,000. Finally, Iridian Asset Management LLC CT boosted its stake in shares of Olin by 5.3% in the fourth quarter. Iridian Asset Management LLC CT now owns 7,760,477 shares of the specialty chemicals company’s stock valued at $276,118,000 after purchasing an additional 390,184 shares during the period. 89.02% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on OLN shares. Zacks Investment Research upgraded shares of Olin from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Friday, January 19th. Nomura decreased their price target on shares of Olin from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, February 8th. Cowen reiterated a “buy” rating and issued a $41.00 price target on shares of Olin in a research note on Friday, February 9th. Citigroup set a $40.00 price target on shares of Olin and gave the stock a “buy” rating in a research note on Monday, February 12th. Finally, Morgan Stanley set a $41.00 price target on shares of Olin and gave the stock a “buy” rating in a research note on Monday, February 12th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $38.33.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 11th. Investors of record on Thursday, May 10th will be paid a $0.20 dividend. The ex-dividend date is Wednesday, May 9th. This represents a $0.80 dividend on an annualized basis and a yield of 2.41%. Olin’s dividend payout ratio is currently 98.77%.
Olin announced that its Board of Directors has authorized a stock repurchase 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 buy up to 9.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, insider Stephen C. Curley sold 6,250 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $33.00, for a total transaction of $206,250.00. Following the completion of the sale, the insider now owns 25,837 shares in the company, valued at approximately $852,621. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John L. Mcintosh sold 8,750 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $32.79, for a total transaction of $286,912.50. Following the sale, the executive vice president now owns 63,891 shares of the company’s stock, valued at approximately $2,094,985.89. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding OLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olin Co. (NYSE:OLN).
Receive News & Ratings for Olin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olin and related companies with MarketBeat.com's FREE daily email newsletter.