Vestcor Inc Boosts Holdings in Olin Corporation (NYSE:OLN)

Vestcor Inc lifted its stake in Olin Corporation (NYSE:OLN) by 4.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,630 shares of the specialty chemicals company’s stock after buying an additional 558 shares during the period. Vestcor Inc’s holdings in Olin were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. LPL Financial LLC grew its position in Olin by 218.9% during the 4th quarter. LPL Financial LLC now owns 138,477 shares of the specialty chemicals company’s stock worth $4,681,000 after purchasing an additional 95,054 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Olin by 12.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,590 shares of the specialty chemicals company’s stock worth $595,000 after purchasing an additional 1,911 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Olin during the 4th quarter worth $937,000. Aristides Capital LLC purchased a new position in Olin during the 4th quarter worth $262,000. Finally, Bank of Montreal Can grew its position in Olin by 19.4% during the 4th quarter. Bank of Montreal Can now owns 33,846 shares of the specialty chemicals company’s stock worth $1,144,000 after purchasing an additional 5,491 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Stock Performance

Shares of OLN opened at $18.57 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 1.50. The stock has a market cap of $2.13 billion, a P/E ratio of -154.75 and a beta of 1.55. The company has a 50-day moving average of $20.60 and a two-hundred day moving average of $23.20. Olin Corporation has a 12-month low of $17.66 and a 12-month high of $49.60.

Olin (NYSE:OLN) last announced its earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.68 billion. Olin had a negative return on equity of 0.13% and a negative net margin of 0.21%. The business’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, research analysts predict that Olin Corporation will post 1.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research reports. KeyCorp lowered their price objective on shares of Olin from $32.00 to $31.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. The Goldman Sachs Group lowered their target price on shares of Olin from $33.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. Mizuho lowered their target price on shares of Olin from $24.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, July 29th. Morgan Stanley lowered their target price on shares of Olin from $28.00 to $20.00 and set an “underweight” rating on the stock in a report on Monday, May 12th. Finally, Truist Financial lowered their target price on shares of Olin from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Olin currently has an average rating of “Hold” and an average price target of $25.57.

Olin Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.