First Trust Advisors LP Buys 318,588 Shares of Olin Corporation $OLN

First Trust Advisors LP lifted its stake in shares of Olin Corporation (NYSE:OLN) by 80.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 713,041 shares of the specialty chemicals company’s stock after buying an additional 318,588 shares during the quarter. First Trust Advisors LP’s holdings in Olin were worth $21,199,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Values First Advisors Inc. raised its holdings in Olin by 3.4% in the 1st quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company’s stock valued at $384,000 after acquiring an additional 425 shares during the period. Covestor Ltd grew its position in shares of Olin by 10.6% in the fourth quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock valued at $108,000 after purchasing an additional 497 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Olin by 2.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company’s stock valued at $693,000 after purchasing an additional 500 shares during the last quarter. Madison Asset Management LLC increased its stake in shares of Olin by 0.6% during the fourth quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company’s stock worth $2,033,000 after purchasing an additional 555 shares during the period. Finally, FORA Capital LLC increased its stake in shares of Olin by 2.6% during the second quarter. FORA Capital LLC now owns 24,453 shares of the specialty chemicals company’s stock worth $491,000 after purchasing an additional 625 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Stock Up 3.9%

Shares of OLN opened at $22.19 on Thursday. Olin Corporation has a 12 month low of $18.08 and a 12 month high of $30.46. The firm’s 50 day moving average is $22.95 and its 200-day moving average is $24.80. The stock has a market capitalization of $2.53 billion, a PE ratio of -19.82 and a beta of 1.21. The company has a current ratio of 1.36, a quick ratio of 0.82 and a debt-to-equity ratio of 1.73.

Analyst Ratings Changes

Several analysts recently weighed in on OLN shares. Truist Financial dropped their price target on Olin from $26.00 to $24.00 and set a “hold” rating for the company in a report on Monday, July 20th. Morgan Stanley upped their price objective on Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Bank of America cut Olin from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $32.00 to $21.00 in a research report on Tuesday, June 30th. BMO Capital Markets dropped their target price on Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a report on Monday, July 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Olin in a research report on Friday, May 22nd. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.46.

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.