Olin Corporation $OLN Stake Lowered by Pzena Investment Management LLC

Pzena Investment Management LLC trimmed its stake in shares of Olin Corporation (NYSE:OLN) by 1.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,431,613 shares of the specialty chemicals company’s stock after selling 76,300 shares during the quarter. Pzena Investment Management LLC’s holdings in Olin were worth $131,752,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Orbis Allan Gray Ltd boosted its position in Olin by 448.9% during the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after purchasing an additional 3,111,393 shares during the period. Millennium Management LLC lifted its stake in Olin by 1,063.0% in the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock valued at $62,143,000 after buying an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC boosted its holdings in shares of Olin by 141.3% during the third quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock valued at $48,087,000 after acquiring an additional 1,126,809 shares during the period. Amundi acquired a new position in shares of Olin during the third quarter valued at $24,418,000. Finally, AQR Capital Management LLC grew its position in shares of Olin by 80.5% during the third quarter. AQR Capital Management LLC now owns 1,811,533 shares of the specialty chemicals company’s stock worth $44,564,000 after acquiring an additional 807,846 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Stock Performance

OLN stock opened at $19.55 on Thursday. The company has a market capitalization of $2.23 billion, a P/E ratio of -17.45 and a beta of 1.21. The company has a 50-day simple moving average of $25.21 and a 200 day simple moving average of $24.72. Olin Corporation has a fifty-two week low of $18.08 and a fifty-two week high of $30.46. The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Thursday, May 14th. Olin’s payout ratio is -71.43%.

Analyst Ratings Changes

OLN has been the topic of a number of analyst reports. UBS Group increased their price objective on shares of Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, May 13th. Royal Bank Of Canada set a $30.00 target price on shares of Olin and gave the company a “sector perform” rating in a research note on Friday, April 10th. The Goldman Sachs Group raised their price target on shares of Olin from $22.00 to $31.00 and gave the company a “neutral” rating in a research note on Tuesday, May 12th. Truist Financial lifted their price target on Olin from $20.00 to $26.00 and gave the company a “hold” rating in a report on Monday, May 11th. Finally, Zacks Research upgraded Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $27.08.

Olin Company Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.