King Street Capital Management L.P. Purchases 1,000,000 Shares of Olin Corporation (OLN)
King Street Capital Management L.P. increased its position in shares of Olin Corporation (NYSE:OLN) by 50.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,000,000 shares of the specialty chemicals company’s stock after purchasing an additional 1,000,000 shares during the period. Olin Corporation comprises about 15.8% of King Street Capital Management L.P.’s investment portfolio, making the stock its 3rd largest position. King Street Capital Management L.P. owned about 1.80% of Olin Corporation worth $90,840,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OLN. BlackRock Inc. increased its position in shares of Olin Corporation by 7,604.7% during the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock valued at $653,967,000 after purchasing an additional 19,637,387 shares during the period. Iridian Asset Management LLC CT increased its position in shares of Olin Corporation by 28.0% during the second quarter. Iridian Asset Management LLC CT now owns 7,098,169 shares of the specialty chemicals company’s stock valued at $214,933,000 after purchasing an additional 1,553,430 shares during the period. Vanguard Group Inc. increased its position in shares of Olin Corporation by 6.5% during the first quarter. Vanguard Group Inc. now owns 14,410,405 shares of the specialty chemicals company’s stock valued at $473,671,000 after purchasing an additional 878,440 shares during the period. Morgan Stanley increased its position in shares of Olin Corporation by 52.8% during the first quarter. Morgan Stanley now owns 1,912,057 shares of the specialty chemicals company’s stock valued at $62,850,000 after purchasing an additional 660,806 shares during the period. Finally, Impala Asset Management LLC bought a new stake in shares of Olin Corporation during the first quarter valued at approximately $21,131,000. Institutional investors and hedge funds own 92.62% of the company’s stock.
Olin Corporation (NYSE:OLN) last posted its quarterly earnings data on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.15). Olin Corporation had a return on equity of 5.80% and a net margin of 0.72%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the business earned $0.24 EPS. Olin Corporation’s revenue was up 11.9% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 10th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.37%. Olin Corporation’s dividend payout ratio (DPR) is presently 320.00%.
A number of research firms have recently issued reports on OLN. BidaskClub upgraded Olin Corporation from a “hold” rating to a “buy” rating in a research report on Sunday, July 16th. Cowen and Company set a $39.00 price objective on Olin Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Royal Bank Of Canada restated a “buy” rating and set a $35.00 price objective on shares of Olin Corporation in a research report on Tuesday, June 20th. Finally, UBS AG restated a “neutral” rating and set a $30.00 price objective (down from $33.00) on shares of Olin Corporation in a research report on Sunday, June 25th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. Olin Corporation currently has a consensus rating of “Hold” and a consensus target price of $35.00.
In other Olin Corporation news, EVP John L. Mcintosh sold 24,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total transaction of $756,960.00. Following the transaction, the executive vice president now owns 84,391 shares in the company, valued at approximately $2,661,692.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Stephen C. Curley sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $30.34, for a total value of $151,700.00. Following the transaction, the vice president now owns 23,837 shares in the company, valued at approximately $723,214.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,070 shares of company stock worth $1,407,151. Corporate insiders own 2.90% of the company’s stock.
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About Olin Corporation
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three 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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