State Board of Administration of Florida Retirement System Decreases Stake in Olin Co. (NYSE:OLN)

Posted by on May 10th, 2023

State Board of Administration of Florida Retirement System reduced its stake in Olin Co. (NYSE:OLN – Get Rating) by 3.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 148,429 shares of the specialty chemicals company’s stock after selling 5,430 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.11% of Olin worth $7,858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Teza Capital Management LLC acquired a new position in Olin in the 3rd quarter worth approximately $299,000. First Hawaiian Bank increased its holdings in Olin by 6.9% in 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. MONECO Advisors LLC acquired a new position in Olin in the 4th quarter worth approximately $212,000. Rockefeller Capital Management L.P. increased its holdings in Olin by 74.0% in 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. acquired a new position in Olin in the 3rd quarter worth approximately $27,000. 85.77% of the stock is owned by hedge funds and other institutional investors.

Olin Trading Down 0.2 %

Shares of NYSE:OLN opened at $54.66 on Wednesday. Olin Co. has a 1 year low of $41.33 and a 1 year high of $67.25. The firm has a market capitalization of $7.07 billion, a price-to-earnings ratio of 7.26, a price-to-earnings-growth ratio of 0.99 and a beta of 1.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.60 and a quick ratio of 0.84. The business’s 50 day moving average price is $55.09 and its 200-day moving average price is $56.11.

Olin (NYSE:OLN – Get Rating) last announced its earnings results on Friday, April 28th. The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Olin had a net margin of 12.45% and a return on equity of 42.24%. The company’s quarterly revenue was down 25.1% on a year-over-year basis. During the same quarter last year, the business earned $2.48 EPS. On average, equities research analysts forecast that Olin Co. will post 5.42 earnings per share for the current fiscal year.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Thursday, May 11th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, May 10th. This represents a $0.80 dividend on an annualized basis and a yield of 1.46%. Olin’s payout ratio is currently 10.62%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OLN. Wells Fargo & Company raised their price objective on shares of Olin from $66.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, January 30th. Royal Bank of Canada raised their price objective on shares of Olin from $74.00 to $76.00 in a research note on Monday, May 1st. Barclays raised their price objective on shares of Olin from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, January 30th. StockNews.com cut shares of Olin from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, Credit Suisse Group raised their price objective on shares of Olin from $49.00 to $52.00 and gave the stock an “underperform” rating in a research note on Friday, January 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Olin presently has an average rating of “Moderate Buy” and an average target price of $67.67.

Insider Buying and Selling at Olin

In other Olin news, VP Damian Gumpel sold 13,000 shares of the firm’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $62.65, for a total value of $814,450.00. Following the transaction, the vice president now owns 17,155 shares in the company, valued at approximately $1,074,760.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

About Olin

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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.

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Institutional Ownership by Quarter for Olin (NYSE:OLN)

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