National Asset Management Inc. lessened its position in Olin Co. (NYSE:OLN) by 10.5% during the second quarter, Holdings Channel reports. The fund owned 104,448 shares of the specialty chemicals company’s stock after selling 12,227 shares during the period. National Asset Management Inc.’s holdings in Olin were worth $4,824,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in Olin by 35.2% in the first quarter. Victory Capital Management Inc. now owns 1,321,274 shares of the specialty chemicals company’s stock valued at $50,169,000 after acquiring an additional 343,716 shares during the last quarter. Principal Financial Group Inc. increased its stake in Olin by 15.3% in the first quarter. Principal Financial Group Inc. now owns 570,055 shares of the specialty chemicals company’s stock valued at $21,645,000 after acquiring an additional 75,635 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Olin during the first quarter valued at about $7,313,000. Prudential Financial Inc. grew its stake in shares of Olin by 171.6% during the first quarter. Prudential Financial Inc. now owns 54,589 shares of the specialty chemicals company’s stock valued at $2,073,000 after buying an additional 34,490 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Olin by 1.1% during the first quarter. Swiss National Bank now owns 360,732 shares of the specialty chemicals company’s stock valued at $13,697,000 after buying an additional 3,800 shares during the last quarter. 84.82% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO James A. Varilek sold 34,728 shares of the firm’s stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $51.22, for a total transaction of $1,778,768.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott D. Ferguson sold 3,000,000 shares of Olin stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $49.45, for a total transaction of $148,350,000.00. The disclosure for this sale can be found here. 11.90% of the stock is owned by company insiders.
Olin (NYSE:OLN) last issued its quarterly earnings data on Monday, July 26th. The specialty chemicals company reported $2.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.77. Olin had a negative net margin of 2.36% and a positive return on equity of 28.77%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.12 billion. During the same period last year, the business posted ($0.76) earnings per share. Olin’s quarterly revenue was up 79.0% compared to the same quarter last year. Equities research analysts expect that Olin Co. will post 7.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Tuesday, August 10th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Monday, August 9th. Olin’s dividend payout ratio (DPR) is currently -59.26%.
OLN has been the topic of a number of recent research reports. KeyCorp raised their price objective on Olin from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, July 29th. Piper Sandler initiated coverage on Olin in a research note on Monday. They set an “overweight” rating and a $70.00 price objective on the stock. Royal Bank of Canada raised their price objective on Olin from $63.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, July 29th. Zacks Investment Research cut Olin from a “strong-buy” rating to a “hold” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, July 21st. Finally, Alembic Global Advisors reaffirmed a “buy” rating and set a $65.00 price objective on shares of Olin in a research note on Monday, August 23rd. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $56.47.
Olin Corp. engages in manufacturing of chemicals products. It operates through the following 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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