Olin Corporation (OLN) Stake Boosted by First Trust Advisors LP
First Trust Advisors LP lifted its stake in shares of Olin Corporation (NYSE:OLN) by 101.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 211,564 shares of the specialty chemicals company’s stock after purchasing an additional 106,444 shares during the quarter. First Trust Advisors LP owned about 0.13% of Olin Corporation worth $7,246,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of OLN. Renaissance Technologies LLC acquired a new position in shares of Olin Corporation during the 1st quarter worth $805,000. AQR Capital Management LLC acquired a new position in shares of Olin Corporation during the 1st quarter worth $1,652,000. HighTower Advisors LLC grew its stake in shares of Olin Corporation by 30.6% during the 1st quarter. HighTower Advisors LLC now owns 10,536 shares of the specialty chemicals company’s stock worth $350,000 after purchasing an additional 2,466 shares during the period. Capstone Asset Management Co. grew its stake in shares of Olin Corporation by 5.7% during the 2nd quarter. Capstone Asset Management Co. now owns 12,515 shares of the specialty chemicals company’s stock worth $379,000 after purchasing an additional 680 shares during the period. Finally, Gateway Investment Advisers LLC grew its stake in shares of Olin Corporation by 7.7% during the 2nd quarter. Gateway Investment Advisers LLC now owns 137,279 shares of the specialty chemicals company’s stock worth $4,157,000 after purchasing an additional 9,853 shares during the period. 93.79% of the stock is currently owned by institutional investors and hedge funds.
OLN has been the topic of a number of recent analyst reports. Cowen and Company set a $39.00 price target on shares of Olin Corporation and gave the stock a “buy” rating in a research note on Friday, July 28th. BidaskClub cut shares of Olin Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Citigroup Inc. initiated coverage on shares of Olin Corporation in a research note on Wednesday, September 27th. They set a “buy” rating and a $39.00 price target on the stock. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $44.00 price target (up from $36.00) on shares of Olin Corporation in a research note on Monday, October 2nd. Finally, Zacks Investment Research cut shares of Olin Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 4th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $37.13.
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Shares of Olin Corporation (NYSE:OLN) opened at $36.54 on Tuesday. The company has a market cap of $6,081.97, a PE ratio of 45.11, a P/E/G ratio of 4.19 and a beta of 1.41. Olin Corporation has a 12 month low of $24.17 and a 12 month high of $37.52. The company has a quick ratio of 1.03, a current ratio of 1.72 and a debt-to-equity ratio of 1.59.
Olin Corporation (NYSE:OLN) last issued its quarterly earnings data on Monday, October 30th. The specialty chemicals company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.04). The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.58 billion. Olin Corporation had a net margin of 1.29% and a return on equity of 6.05%. Olin Corporation’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. equities analysts anticipate that Olin Corporation will post 0.9 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 10th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.80 dividend on an annualized basis and a yield of 2.19%. Olin Corporation’s payout ratio is 177.78%.
In other Olin Corporation news, Director C Robert Bunch sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $36.00, for a total transaction of $360,000.00. Following the sale, the director now directly owns 3,860 shares of the company’s stock, valued at approximately $138,960. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Dolores J. Ennico sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total transaction of $552,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,583 shares of company stock worth $2,295,054. 2.90% of the stock is owned by corporate insiders.
Olin Corporation Profile
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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