Texas Permanent School Fund lifted its position in shares of Olin Co. (NYSE:OLN) by 2.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 111,956 shares of the specialty chemicals company’s stock after buying an additional 2,781 shares during the quarter. Texas Permanent School Fund’s holdings in Olin were worth $2,591,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of OLN. FMR LLC grew its holdings in shares of Olin by 34.8% during the fourth quarter. FMR LLC now owns 12,378,867 shares of the specialty chemicals company’s stock worth $248,939,000 after buying an additional 3,196,273 shares in the last quarter. Norges Bank purchased a new stake in shares of Olin during the fourth quarter worth about $39,321,000. Oregon Public Employees Retirement Fund grew its holdings in shares of Olin by 1,911.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,332,529 shares of the specialty chemicals company’s stock worth $66,000 after buying an additional 1,266,267 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new stake in shares of Olin during the fourth quarter worth about $20,040,000. Finally, Beaconlight Capital LLC purchased a new stake in shares of Olin during the fourth quarter worth about $18,771,000. Institutional investors and hedge funds own 87.49% of the company’s stock.
OLN has been the subject of a number of recent research reports. Nomura downgraded shares of Olin from a “neutral” rating to a “reduce” rating and lowered their price target for the stock from $23.00 to $22.00 in a report on Wednesday, January 30th. ValuEngine downgraded shares of Olin from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Cowen reiterated an “outperform” rating and set a $32.00 price target on shares of Olin in a report on Wednesday, February 6th. Alembic Global Advisors assumed coverage on shares of Olin in a report on Monday, April 22nd. They set a “buy” rating and a $32.00 price target for the company. Finally, KeyCorp assumed coverage on shares of Olin in a report on Monday, January 28th. They issued an “overweight” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. Olin has a consensus rating of “Hold” and an average price target of $29.33.
Olin (NYSE:OLN) last released its earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Olin had a net margin of 5.14% and a return on equity of 11.12%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Olin’s revenue for the quarter was down 9.2% compared to the same quarter last year. Sell-side analysts predict that Olin Co. will post 1.61 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.80 dividend on an annualized basis and a yield of 3.60%. Olin’s dividend payout ratio (DPR) is 45.71%.
In other Olin news, VP Brett A. Flaugher sold 12,500 shares of Olin stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $26.53, for a total transaction of $331,625.00. Following the transaction, the vice president now directly owns 40,629 shares of the company’s stock, valued at $1,077,887.37. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott Mcdougald Sutton purchased 8,000 shares of Olin stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $20.71 per share, for a total transaction of $165,680.00. Following the completion of the transaction, the director now owns 30,000 shares of the company’s stock, valued at $621,300. The disclosure for this purchase can be found here. Insiders own 1.90% of the company’s stock.
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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