Olin Co. (OLN) Position Increased by Amalgamated Bank
Amalgamated Bank boosted its stake in Olin Co. (NYSE:OLN) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,767 shares of the specialty chemicals company’s stock after acquiring an additional 1,930 shares during the period. Amalgamated Bank’s holdings in Olin were worth $1,130,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of OLN. California Public Employees Retirement System raised its holdings in shares of Olin by 3.1% during the fourth quarter. California Public Employees Retirement System now owns 337,679 shares of the specialty chemicals company’s stock worth $12,015,000 after purchasing an additional 10,300 shares during the period. Boston Partners raised its holdings in shares of Olin by 2.2% during the third quarter. Boston Partners now owns 646,387 shares of the specialty chemicals company’s stock worth $22,139,000 after purchasing an additional 14,197 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in shares of Olin during the fourth quarter worth $753,000. Swiss National Bank raised its holdings in shares of Olin by 2.7% during the fourth quarter. Swiss National Bank now owns 283,132 shares of the specialty chemicals company’s stock worth $10,074,000 after purchasing an additional 7,500 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Olin by 20.9% during the fourth quarter. Sei Investments Co. now owns 320,858 shares of the specialty chemicals company’s stock worth $11,416,000 after purchasing an additional 55,546 shares during the period. 89.09% of the stock is currently owned by hedge funds and other institutional investors.
OLN has been the topic of a number of research reports. Royal Bank of Canada reissued a “buy” rating and set a $42.00 target price on shares of Olin in a report on Thursday, December 14th. Vertical Research raised shares of Olin from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Morgan Stanley initiated coverage on shares of Olin in a report on Tuesday, January 9th. They set an “overweight” rating and a $45.00 target price on the stock. Zacks Investment Research raised shares of Olin from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Friday, January 12th. Finally, Nomura dropped their target price on shares of Olin from $43.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $39.45.
Olin (NYSE:OLN) last released its quarterly earnings results on Tuesday, February 6th. The specialty chemicals company reported $2.89 EPS for the quarter, topping the consensus estimate of $0.44 by $2.45. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.53 billion. Olin had a net margin of 8.77% and a return on equity of 6.02%. The company’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 earnings per share. research analysts expect that Olin Co. will post 2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 9th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.44%. Olin’s dividend payout ratio is currently 121.21%.
In related news, insider Stephen C. Curley sold 6,250 shares of the stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $33.00, for a total value of $206,250.00. Following the completion of the transaction, the insider now owns 25,837 shares in the company, valued at approximately $852,621. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Randall W. Larrimore bought 800 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average price of $31.28 per share, with a total value of $25,024.00. Following the transaction, the director now directly owns 6,500 shares in the company, valued at $203,320. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by corporate insiders.
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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