SummerHaven Investment Management LLC Makes New Investment in Olin Corporation $OLN

SummerHaven Investment Management LLC bought a new stake in Olin Corporation (NYSE:OLN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 37,574 shares of the specialty chemicals company’s stock, valued at approximately $939,000.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC raised its position in Olin by 15.0% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 32,791 shares of the specialty chemicals company’s stock worth $819,000 after purchasing an additional 4,286 shares during the period. First Citizens Bank & Trust Co. grew its stake in shares of Olin by 3.1% during the third quarter. First Citizens Bank & Trust Co. now owns 31,957 shares of the specialty chemicals company’s stock valued at $799,000 after buying an additional 969 shares during the last quarter. ARGA Investment Management LP raised its holdings in shares of Olin by 0.9% in the third quarter. ARGA Investment Management LP now owns 60,359 shares of the specialty chemicals company’s stock worth $1,508,000 after buying an additional 546 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Olin in the third quarter worth approximately $366,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Olin by 15.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,627 shares of the specialty chemicals company’s stock worth $485,000 after acquiring an additional 2,573 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Teresa M. Vermillion sold 4,500 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $20.86, for a total transaction of $93,870.00. Following the sale, the vice president directly owned 17,199 shares of the company’s stock, valued at $358,771.14. The trade was a 20.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by company insiders.

Olin Price Performance

NYSE OLN opened at $22.89 on Wednesday. The company has a market cap of $2.61 billion, a PE ratio of 49.77, a P/E/G ratio of 3.49 and a beta of 1.64. Olin Corporation has a 52-week low of $17.66 and a 52-week high of $33.68. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.89 and a current ratio of 1.56. The firm’s 50 day moving average price is $21.54 and its 200-day moving average price is $22.03.

Olin (NYSE:OLN) last posted its earnings results on Monday, October 27th. The specialty chemicals company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.31. Olin had a return on equity of 3.36% and a net margin of 0.79%.The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. Sell-side analysts forecast that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, November 28th. Olin’s dividend payout ratio (DPR) is presently 173.91%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on OLN shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Olin in a research note on Thursday, January 22nd. Truist Financial raised their price target on shares of Olin from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Wednesday, January 21st. Citigroup boosted their price objective on shares of Olin from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, January 13th. Wells Fargo & Company reduced their target price on shares of Olin from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 29th. Finally, UBS Group decreased their price target on shares of Olin from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.29.

About Olin

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.