Connor Clark & Lunn Investment Management Ltd. Sells 101,541 Shares of Olin Corporation $OLN

Connor Clark & Lunn Investment Management Ltd. cut its stake in Olin Corporation (NYSE:OLN) by 39.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,590 shares of the specialty chemicals company’s stock after selling 101,541 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Olin were worth $3,126,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. raised its stake in Olin by 40.5% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 6,384,744 shares of the specialty chemicals company’s stock worth $154,766,000 after buying an additional 1,840,900 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Olin by 11.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 12,191,163 shares of the specialty chemicals company’s stock valued at $295,514,000 after acquiring an additional 1,259,795 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Olin by 14.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,546,352 shares of the specialty chemicals company’s stock valued at $110,204,000 after purchasing an additional 569,483 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Olin by 52.5% in the first quarter. AQR Capital Management LLC now owns 1,288,202 shares of the specialty chemicals company’s stock worth $31,226,000 after buying an additional 443,210 shares in the last quarter. Finally, Jump Financial LLC increased its position in shares of Olin by 300.3% during the first quarter. Jump Financial LLC now owns 339,392 shares of the specialty chemicals company’s stock valued at $8,227,000 after acquiring an additional 254,601 shares in the last quarter. Institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

Shares of NYSE OLN opened at $20.12 on Friday. The stock has a market cap of $2.30 billion, a PE ratio of 43.73, a price-to-earnings-growth ratio of 6.82 and a beta of 1.79. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.56 and a quick ratio of 0.89. The firm has a fifty day moving average price of $23.26 and a 200-day moving average price of $21.77. Olin Corporation has a 1 year low of $17.66 and a 1 year high of $44.05.

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

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. Olin’s payout ratio is currently 173.91%.

Analysts Set New Price Targets

A number of research firms have commented on OLN. UBS Group reduced their target price on Olin from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. Royal Bank Of Canada set a $26.00 target price on Olin and gave the stock a “sector perform” rating in a research report on Tuesday, October 14th. Citigroup reaffirmed a “neutral” rating on shares of Olin in a report on Wednesday, October 29th. Bank of America boosted their price objective on shares of Olin from $25.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Finally, Truist Financial cut their target price on shares of Olin from $22.00 to $21.00 and set a “hold” rating for the company in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $25.00.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.