First Interstate Bank Decreases Position in Olin Co. (OLN)
First Interstate Bank reduced its stake in Olin Co. (NYSE:OLN) by 58.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,100 shares of the specialty chemicals company’s stock after selling 3,000 shares during the period. First Interstate Bank’s holdings in Olin were worth $42,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in OLN. Lavaca Capital LLC bought a new position in shares of Olin during the fourth quarter valued at approximately $29,000. Pflug Koory LLC increased its stake in shares of Olin by 29.8% during the fourth quarter. Pflug Koory LLC now owns 2,985 shares of the specialty chemicals company’s stock valued at $60,000 after purchasing an additional 685 shares in the last quarter. IMS Capital Management bought a new position in shares of Olin during the third quarter valued at approximately $88,000. Meeder Asset Management Inc. increased its stake in shares of Olin by 57.2% during the fourth quarter. Meeder Asset Management Inc. now owns 4,729 shares of the specialty chemicals company’s stock valued at $95,000 after purchasing an additional 1,721 shares in the last quarter. Finally, MML Investors Services LLC bought a new position in shares of Olin during the third quarter valued at approximately $210,000. 86.90% of the stock is owned by institutional investors.
In other news, SVP John Maurice Sampson purchased 5,000 shares of Olin stock in a transaction that occurred on Tuesday, November 20th. The stock was bought at an average price of $19.84 per share, with a total value of $99,200.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 6,800 shares of company stock valued at $136,544 in the last three months. 1.70% of the stock is owned by insiders.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Monday, February 11th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, February 8th. Olin’s dividend payout ratio (DPR) is currently 98.77%.
OLN has been the subject of a number of analyst reports. Barclays initiated coverage on shares of Olin in a research note on Monday, October 8th. They set an “equal weight” rating and a $29.00 target price for the company. Zacks Investment Research downgraded shares of Olin from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. Nomura reduced their price target on shares of Olin from $33.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, October 15th. SunTrust Banks reduced their price target on shares of Olin to $35.00 and set an “in-line” rating for the company in a research report on Wednesday, October 31st. They noted that the move was a valuation call. Finally, Royal Bank of Canada reduced their price target on shares of Olin to $22.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 31st. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Olin currently has an average rating of “Hold” and a consensus price target of $30.67.
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Olin Company Profile
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.
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