M&T Bank Corp cut its holdings in Olin Co. (NYSE:OLN – Free Report) by 57.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,540 shares of the specialty chemicals company’s stock after selling 15,833 shares during the quarter. M&T Bank Corp’s holdings in Olin were worth $640,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of OLN. HighTower Advisors LLC grew its position in shares of Olin by 10.4% in the first quarter. HighTower Advisors LLC now owns 7,760 shares of the specialty chemicals company’s stock valued at $407,000 after purchasing an additional 728 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Olin in the first quarter valued at approximately $230,000. Acadian Asset Management LLC purchased a new position in shares of Olin during the first quarter valued at approximately $53,000. Great West Life Assurance Co. Can lifted its stake in shares of Olin by 8.7% during the first quarter. Great West Life Assurance Co. Can now owns 82,375 shares of the specialty chemicals company’s stock valued at $4,437,000 after buying an additional 6,589 shares during the period. Finally, U.S. Capital Wealth Advisors LLC lifted its stake in shares of Olin by 5.8% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 4,714 shares of the specialty chemicals company’s stock valued at $246,000 after buying an additional 259 shares during the period. 85.69% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
OLN has been the topic of several recent analyst reports. StockNews.com initiated coverage on shares of Olin in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Morgan Stanley reissued an “underweight” rating and set a $50.00 price objective on shares of Olin in a research note on Tuesday, August 1st. Royal Bank of Canada upped their price objective on shares of Olin from $63.00 to $67.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. Stifel Nicolaus reduced their price objective on shares of Olin from $85.00 to $82.00 and set a “buy” rating on the stock in a research note on Monday, July 31st. Finally, Bank of America reduced their price objective on shares of Olin from $78.00 to $69.00 in a research note on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.50.
Insider Activity
In other news, VP Damian Gumpel sold 800 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $55.39, for a total value of $44,312.00. Following the transaction, the vice president now owns 27,651 shares of the company’s stock, valued at approximately $1,531,588.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Brett A. Flaugher sold 11,250 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $58.95, for a total transaction of $663,187.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Damian Gumpel sold 800 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $55.39, for a total transaction of $44,312.00. Following the sale, the vice president now directly owns 27,651 shares of the company’s stock, valued at $1,531,588.89. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,174 shares of company stock valued at $1,414,639. Company insiders own 1.60% of the company’s stock.
Olin Stock Performance
NYSE:OLN opened at $51.98 on Friday. The firm’s 50 day moving average is $55.45 and its two-hundred day moving average is $54.73. Olin Co. has a fifty-two week low of $41.33 and a fifty-two week high of $64.70. The company has a quick ratio of 0.80, a current ratio of 1.58 and a debt-to-equity ratio of 1.10. The company has a market cap of $6.54 billion, a P/E ratio of 8.81, a P/E/G ratio of 1.97 and a beta of 1.45.
Olin (NYSE:OLN – Get Free Report) last issued its earnings results on Friday, July 28th. The specialty chemicals company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.09. Olin had a net margin of 10.39% and a return on equity of 32.28%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm posted $2.76 EPS. The business’s revenue for the quarter was down 34.9% compared to the same quarter last year. Analysts expect that Olin Co. will post 4.16 EPS for the current year.
Olin Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Wednesday, August 9th. Olin’s dividend payout ratio is presently 13.56%.
About Olin
Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.
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