Boston Partners lifted its position in Olin Co. (NYSE:OLN) by 2.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 23,008 shares of the specialty chemicals company’s stock after buying an additional 543 shares during the period. Boston Partners’ holdings in Olin were worth $532,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Stevens Capital Management LP acquired a new stake in Olin in the 1st quarter valued at about $761,000. Texas Permanent School Fund raised its holdings in Olin by 2.5% in the 1st quarter. Texas Permanent School Fund now owns 111,956 shares of the specialty chemicals company’s stock valued at $2,591,000 after acquiring an additional 2,781 shares during the period. Convergence Investment Partners LLC raised its holdings in Olin by 262.9% in the 1st quarter. Convergence Investment Partners LLC now owns 52,850 shares of the specialty chemicals company’s stock valued at $1,223,000 after acquiring an additional 38,288 shares during the period. Moors & Cabot Inc. raised its holdings in Olin by 77.0% in the 1st quarter. Moors & Cabot Inc. now owns 30,410 shares of the specialty chemicals company’s stock valued at $710,000 after acquiring an additional 13,230 shares during the period. Finally, Patriot Investment Management Inc. bought a new position in Olin in the 1st quarter valued at about $454,000. 87.49% of the stock is owned by hedge funds and other institutional investors.
OLN has been the topic of several research analyst reports. Nomura raised shares of Olin from a “reduce” rating to a “neutral” rating and increased their price target for the company from $22.00 to $25.00 in a report on Monday, April 15th. KeyCorp initiated coverage on shares of Olin in a report on Monday, January 28th. They issued an “overweight” rating and a $30.00 price target on the stock. ValuEngine cut shares of Olin from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Cowen reissued an “outperform” rating and issued a $27.00 price target (down from $31.00) on shares of Olin in a report on Monday, May 6th. Finally, Alembic Global Advisors initiated coverage on shares of Olin in a report on Monday, April 22nd. They issued a “buy” rating and a $32.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $29.33.
Olin (NYSE:OLN) last announced its earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.04). Olin had a return on equity of 11.12% and a net margin of 5.14%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was down 9.2% compared to the same quarter last year. As a group, equities analysts predict that Olin Co. will post 1.61 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.67%. Olin’s dividend payout ratio is presently 45.71%.
In other news, VP Brett A. Flaugher sold 12,500 shares of the firm’s 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Mcdougald Sutton bought 8,000 shares of the stock in a transaction dated 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 acquisition, the director now directly owns 30,000 shares of the company’s stock, valued at approximately $621,300. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.
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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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