Teacher Retirement System of Texas Has $2.17 Million Stock Position in Olin Co. (NYSE:OLN)

Posted by Defense World Staff on Oct 5th, 2023

Teacher Retirement System of Texas trimmed its position in Olin Co. (NYSE:OLN – Free Report) by 15.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,153 shares of the specialty chemicals company’s stock after selling 7,444 shares during the quarter. Teacher Retirement System of Texas’ holdings in Olin were worth $2,166,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Monument Capital Management raised its stake in Olin by 0.6% during the 1st quarter. Monument Capital Management now owns 31,156 shares of the specialty chemicals company’s stock valued at $1,729,000 after purchasing an additional 183 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Olin by 19.3% during the 4th quarter. Quadrant Capital Group LLC now owns 1,175 shares of the specialty chemicals company’s stock valued at $62,000 after purchasing an additional 190 shares during the last quarter. Arbor Capital Management Inc. ADV raised its stake in Olin by 0.5% during the 1st quarter. Arbor Capital Management Inc. ADV now owns 38,729 shares of the specialty chemicals company’s stock valued at $2,224,000 after purchasing an additional 199 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in Olin by 4.8% during the 1st quarter. Stratos Wealth Partners LTD. now owns 4,369 shares of the specialty chemicals company’s stock valued at $243,000 after purchasing an additional 202 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Olin by 0.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 42,285 shares of the specialty chemicals company’s stock valued at $1,957,000 after purchasing an additional 216 shares during the last quarter. 85.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Olin

In other news, VP Damian Gumpel sold 800 shares of Olin stock in a transaction on Friday, August 18th. The stock was sold at an average price of $55.39, for a total transaction of $44,312.00. Following the completion of the sale, the vice president now owns 27,651 shares of the company’s stock, valued at $1,531,588.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Brett A. Flaugher sold 11,250 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Damian Gumpel sold 800 shares of the company’s stock in a transaction dated Friday, August 18th. The stock was 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 approximately $1,531,588.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,174 shares of company stock valued at $1,414,639. 1.60% of the stock is currently owned by corporate insiders.

Olin Price Performance

NYSE:OLN opened at $47.65 on Thursday. Olin Co. has a 1-year low of $45.05 and a 1-year high of $64.70. The company has a current ratio of 1.58, a quick ratio of 0.80 and a debt-to-equity ratio of 1.10. The firm has a fifty day simple moving average of $53.73 and a 200 day simple moving average of $53.44. The stock has a market capitalization of $6.00 billion, a PE ratio of 8.08, a P/E/G ratio of 1.65 and a beta of 1.47.

Olin (NYSE:OLN – Get Free Report) last released its quarterly earnings data on Friday, July 28th. The specialty chemicals company reported $1.13 EPS for the quarter, topping 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 firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the business posted $2.76 earnings per share. The company’s revenue for the quarter was down 34.9% compared to the same quarter last year. On average, research analysts expect that Olin Co. will post 4.17 EPS for the current fiscal year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Thursday, August 10th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Wednesday, August 9th. Olin’s dividend payout ratio is currently 13.56%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on OLN shares. Morgan Stanley restated an “underweight” rating and issued a $50.00 price objective on shares of Olin in a research note on Tuesday, August 1st. Royal Bank of Canada increased 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. Vertical Research cut shares of Olin from a “buy” rating to a “hold” rating and set a $58.00 price objective for the company. in a research note on Tuesday, September 5th. The Goldman Sachs Group cut shares of Olin from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $67.00 to $57.00 in a research note on Wednesday, September 6th. Finally, StockNews.com assumed coverage on shares of Olin in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $61.23.

Check Out Our Latest Research Report on OLN

About Olin

(Free Report)

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.