New York State Teachers Retirement System Acquires 3,404 Shares of Olin Co. (NYSE:OLN)

Posted by Defense World Staff on Apr 15th, 2023

New York State Teachers Retirement System grew its holdings in Olin Co. (NYSE:OLN – Get Rating) by 1.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 182,943 shares of the specialty chemicals company’s stock after acquiring an additional 3,404 shares during the period. New York State Teachers Retirement System owned 0.13% of Olin worth $9,685,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Teza Capital Management LLC bought a new stake in Olin in the third quarter worth approximately $299,000. First Hawaiian Bank boosted its holdings in shares of Olin by 6.9% during the 4th quarter. First Hawaiian Bank now owns 16,275 shares of the specialty chemicals company’s stock worth $862,000 after buying an additional 1,051 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Olin by 1.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 54,160 shares of the specialty chemicals company’s stock worth $2,322,000 after buying an additional 805 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Olin by 74.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 4,788 shares of the specialty chemicals company’s stock worth $205,000 after buying an additional 2,037 shares during the period. Finally, Bessemer Group Inc. bought a new stake in shares of Olin during the 3rd quarter worth $27,000. 85.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OLN has been the subject of several recent analyst reports. Citigroup upped their price objective on shares of Olin from $58.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, February 3rd. StockNews.com downgraded shares of Olin from a “strong-buy” rating to a “buy” rating in a report on Monday, March 27th. Credit Suisse Group upped their price objective on shares of Olin from $49.00 to $52.00 and gave the stock an “underperform” rating in a report on Friday, January 27th. The Goldman Sachs Group increased their price target on shares of Olin from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, January 31st. Finally, Piper Sandler increased their price target on shares of Olin from $82.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.73.

Olin Trading Down 1.7 %

Shares of OLN stock opened at $56.81 on Friday. Olin Co. has a 52-week low of $41.33 and a 52-week high of $67.25. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 6.42, a P/E/G ratio of 1.33 and a beta of 1.45. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.78 and a current ratio of 1.38. The firm has a fifty day moving average of $57.02 and a 200-day moving average of $54.97.

Olin (NYSE:OLN – Get Rating) last announced its quarterly earnings data on Friday, January 27th. The specialty chemicals company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.01. Olin had a net margin of 14.15% and a return on equity of 50.19%. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the prior year, the company posted $2.41 EPS. The business’s revenue was down 18.6% on a year-over-year basis. On average, equities research analysts forecast that Olin Co. will post 5.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 13th. Stockholders of record on Monday, March 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, March 3rd. Olin’s dividend payout ratio is 9.04%.

Insider Buying and Selling

In related news, Director Heidi S. Alderman sold 2,000 shares of the stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $64.01, for a total transaction of $128,020.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Damian Gumpel sold 13,000 shares of the stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $62.65, for a total transaction of $814,450.00. Following the completion of the sale, the vice president now owns 17,155 shares in the company, valued at approximately $1,074,760.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Heidi S. Alderman sold 2,000 shares of the stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $64.01, for a total transaction of $128,020.00. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

Olin Company Profile

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Olin Corp. engages in manufacturing of chemicals products. It operates through the following segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.