Invesco Ltd. increased its position in Olin Co. (NYSE:OLN) by 57.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,665,577 shares of the specialty chemicals company’s stock after acquiring an additional 608,616 shares during the period. Invesco Ltd. owned approximately 1.06% of Olin worth $19,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. purchased a new position in Olin in the 4th quarter worth $9,978,000. Total Clarity Wealth Management Inc. acquired a new stake in Olin during the 4th quarter worth about $90,000. Point72 Hong Kong Ltd acquired a new stake in Olin during the 4th quarter worth about $94,000. CENTRAL TRUST Co grew its position in Olin by 91.9% during the 1st quarter. CENTRAL TRUST Co now owns 8,923 shares of the specialty chemicals company’s stock worth $104,000 after purchasing an additional 4,273 shares during the period. Finally, Penserra Capital Management LLC grew its position in Olin by 19.6% during the 4th quarter. Penserra Capital Management LLC now owns 9,826 shares of the specialty chemicals company’s stock worth $169,000 after purchasing an additional 1,612 shares during the period. Institutional investors own 92.81% of the company’s stock.
Several brokerages have weighed in on OLN. Royal Bank of Canada downgraded Olin from a “sector perform” rating to an “underperform” rating and cut their price target for the stock from $16.00 to $7.00 in a research report on Thursday, March 26th. TheStreet cut Olin from a “c-” rating to a “d+” rating in a research report on Tuesday, May 26th. Morgan Stanley dropped their target price on Olin from $17.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, March 30th. Susquehanna Bancshares dropped their target price on Olin from $21.00 to $17.00 in a research report on Thursday, May 21st. Finally, Stifel Nicolaus dropped their target price on Olin from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Olin currently has an average rating of “Hold” and an average price target of $15.53.
Olin (NYSE:OLN) last released its earnings results on Wednesday, April 29th. The specialty chemicals company reported ($0.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.27) by ($0.12). Olin had a negative return on equity of 0.55% and a negative net margin of 2.22%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the business earned $0.25 earnings per share. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, equities analysts forecast that Olin Co. will post -1.2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Monday, May 11th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 6.96%. The ex-dividend date of this dividend was Friday, May 8th. Olin’s payout ratio is presently 133.33%.
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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