HighTower Advisors LLC raised its stake in Olin Corporation (NYSE:OLN) by 30.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,536 shares of the specialty chemicals company’s stock after buying an additional 2,466 shares during the period. HighTower Advisors LLC’s holdings in Olin Corporation were worth $350,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Caxton Associates LP bought a new position in shares of Olin Corporation during the first quarter valued at $5,588,000. Shelton Capital Management increased its stake in shares of Olin Corporation by 7.0% in the first quarter. Shelton Capital Management now owns 13,700 shares of the specialty chemicals company’s stock valued at $450,000 after buying an additional 900 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Olin Corporation during the first quarter valued at $1,698,000. AQR Capital Management LLC purchased a new stake in shares of Olin Corporation during the first quarter valued at $1,652,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Olin Corporation during the first quarter valued at $3,852,000. 92.85% of the stock is owned by institutional investors and hedge funds.
Olin Corporation (NYSE OLN) traded up 1.96% during mid-day trading on Friday, hitting $29.18. 1,749,672 shares of the company traded hands. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of 113.54 and a beta of 1.43. Olin Corporation has a one year low of $18.24 and a one year high of $33.88. The company’s 50-day moving average price is $30.33 and its 200 day moving average price is $30.70.
Olin Corporation (NYSE:OLN) last issued its quarterly earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.15. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. Olin Corporation had a return on equity of 5.80% and a net margin of 0.72%. Olin Corporation’s revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 earnings per share. On average, analysts anticipate that Olin Corporation will post $1.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.74%. Olin Corporation’s dividend payout ratio is currently 320.00%.
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OLN has been the topic of several recent research reports. Cowen and Company set a $39.00 price objective on shares of Olin Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. BidaskClub raised shares of Olin Corporation from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. Royal Bank Of Canada reissued a “buy” rating and set a $35.00 target price on shares of Olin Corporation in a research note on Tuesday, May 16th. Tudor Pickering started coverage on shares of Olin Corporation in a research note on Friday, May 12th. They set a “buy” rating and a $37.00 target price on the stock. Finally, Bank of America Corporation assumed coverage on shares of Olin Corporation in a research note on Monday, May 8th. They set a “buy” rating and a $40.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Olin Corporation presently has a consensus rating of “Hold” and an average price target of $32.75.
In other news, EVP John L. Mcintosh sold 24,000 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total value of $756,960.00. Following the completion of the sale, the executive vice president now owns 84,391 shares of the company’s stock, valued at approximately $2,661,692.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John L. Mcintosh sold 16,070 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total value of $498,491.40. Following the completion of the sale, the executive vice president now directly owns 60,391 shares of the company’s stock, valued at approximately $1,873,328.82. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.
About Olin Corporation
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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