California Public Employees Retirement System boosted its stake in Olin Co. (NYSE:OLN) by 3.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 327,379 shares of the specialty chemicals company’s stock after buying an additional 11,042 shares during the quarter. California Public Employees Retirement System owned approximately 0.20% of Olin worth $11,213,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC grew its stake in Olin by 238.5% in the 2nd quarter. Acrospire Investment Management LLC now owns 4,400 shares of the specialty chemicals company’s stock valued at $133,000 after purchasing an additional 3,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Olin by 9.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,126 shares of the specialty chemicals company’s stock worth $185,000 after acquiring an additional 544 shares during the period. Frontier Wealth Management LLC bought a new position in shares of Olin during the 2nd quarter worth $200,000. Heartland Advisors Inc. bought a new position in shares of Olin during the 3rd quarter worth $217,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Olin during the 3rd quarter worth $239,000. 89.68% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on OLN. Royal Bank of Canada reiterated a “buy” rating and set a $42.00 price target on shares of Olin in a research note on Thursday, December 14th. Citigroup began coverage on Olin in a research note on Wednesday, September 27th. They set a “buy” rating and a $39.00 price target for the company. SunTrust Banks reiterated a “buy” rating and set a $44.00 price target (up previously from $36.00) on shares of Olin in a research note on Monday, October 2nd. Zacks Investment Research downgraded Olin from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 4th. Finally, Cowen restated an “outperform” rating and issued a $42.00 target price (up previously from $39.00) on shares of Olin in a research note on Tuesday, October 10th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $38.00.
Olin (NYSE:OLN) last released its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.04). Olin had a net margin of 1.29% and a return on equity of 6.05%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the business earned $0.11 EPS. The business’s revenue was up 7.0% on a year-over-year basis. equities research analysts forecast that Olin Co. will post 0.93 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, November 10th were issued a $0.20 dividend. The ex-dividend date was Thursday, November 9th. This represents a $0.80 annualized dividend and a dividend yield of 2.27%. Olin’s payout ratio is currently 173.91%.
In related news, EVP John L. Mcintosh sold 9,500 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $35.42, for a total transaction of $336,490.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John Maurice Sampson sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $36.58, for a total value of $109,740.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,083 shares of company stock worth $2,741,284. Insiders own 2.90% of the company’s stock.
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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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