Pzena Investment Management LLC Raises Holdings in Olin Corporation $OLN

Pzena Investment Management LLC grew its position in Olin Corporation (NYSE:OLN) by 17.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,507,913 shares of the specialty chemicals company’s stock after buying an additional 671,250 shares during the quarter. Pzena Investment Management LLC’s holdings in Olin were worth $93,900,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Covestor Ltd lifted its holdings in shares of Olin by 10.6% in the 4th quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock worth $108,000 after buying an additional 497 shares during the period. HighTower Advisors LLC raised its position in shares of Olin by 47.7% in the 4th quarter. HighTower Advisors LLC now owns 11,869 shares of the specialty chemicals company’s stock worth $247,000 after acquiring an additional 3,832 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Olin by 2.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 29,361 shares of the specialty chemicals company’s stock worth $612,000 after acquiring an additional 709 shares in the last quarter. Gamco Investors INC. ET AL raised its position in shares of Olin by 4.7% in the 4th quarter. Gamco Investors INC. ET AL now owns 178,888 shares of the specialty chemicals company’s stock worth $3,726,000 after acquiring an additional 7,964 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in shares of Olin by 2.8% in the 4th quarter. Gabelli Funds LLC now owns 223,901 shares of the specialty chemicals company’s stock worth $4,664,000 after acquiring an additional 6,000 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Stock Down 1.1%

Shares of OLN stock opened at $26.02 on Friday. Olin Corporation has a 1-year low of $18.08 and a 1-year high of $30.46. The stock’s fifty day moving average price is $27.36 and its 200 day moving average price is $24.00. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -23.23 and a beta of 1.21.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.1%. The ex-dividend date is Thursday, May 14th. Olin’s payout ratio is -71.43%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on OLN shares. The Goldman Sachs Group boosted their price target on Olin from $22.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. UBS Group boosted their price target on Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Wells Fargo & Company reissued an “overweight” rating and issued a $37.00 price target on shares of Olin in a research report on Sunday, May 10th. Weiss Ratings reissued a “sell (d+)” rating on shares of Olin in a research report on Thursday, January 22nd. Finally, Wall Street Zen raised Olin from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Olin currently has a consensus rating of “Hold” and an average price target of $27.79.

Insiders Place Their Bets

In related news, VP Angela M. Castle sold 2,379 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $24.25, for a total transaction of $57,690.75. Following the transaction, the vice president directly owned 1,528 shares in the company, valued at $37,054. The trade was a 60.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by company insiders.

Olin Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.