Impala Asset Management LLC Invests $3 Million in Olin Corporation $OLN

Impala Asset Management LLC purchased a new position in Olin Corporation (NYSE:OLN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 120,000 shares of the specialty chemicals company’s stock, valued at approximately $2,999,000. Olin comprises 2.0% of Impala Asset Management LLC’s investment portfolio, making the stock its 12th largest position.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Choreo LLC acquired a new stake in Olin in the third quarter worth $726,000. Thrivent Financial for Lutherans grew its position in shares of Olin by 6.9% during the third quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock worth $40,974,000 after acquiring an additional 105,484 shares during the last quarter. V. M. Manning & CO. Inc. acquired a new stake in shares of Olin in the 2nd quarter worth about $989,000. Prudential Financial Inc. increased its holdings in shares of Olin by 5,469.7% in the 2nd quarter. Prudential Financial Inc. now owns 588,323 shares of the specialty chemicals company’s stock worth $11,819,000 after acquiring an additional 577,760 shares during the period. Finally, Bayforest Capital Ltd bought a new stake in Olin in the 3rd quarter valued at about $770,000. 88.67% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Angela M. Castle sold 2,379 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $24.25, for a total value of $57,690.75. Following the completion of the transaction, the vice president owned 1,528 shares in the company, valued at $37,054. This trade represents a 60.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Todd A. Slater sold 92,250 shares of Olin stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total value of $2,073,780.00. Following the completion of the transaction, the chief financial officer directly owned 44,291 shares in the company, valued at $995,661.68. This represents a 67.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 99,379 shares of company stock valued at $2,238,298 over the last three months. Insiders own 1.60% of the company’s stock.

Olin Stock Performance

Shares of OLN opened at $24.62 on Friday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 0.73. The firm’s 50 day moving average is $23.52 and its 200-day moving average is $22.77. Olin Corporation has a 12-month low of $17.66 and a 12-month high of $27.35. The stock has a market capitalization of $2.80 billion, a P/E ratio of -64.79 and a beta of 1.56.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.58). The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. Equities research analysts anticipate that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Olin’s payout ratio is -210.53%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Royal Bank Of Canada dropped their price target on shares of Olin from $24.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Monday, February 2nd. Mizuho lifted their target price on Olin from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, February 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Olin in a research report on Thursday, January 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 price target on shares of Olin in a report on Tuesday, February 10th. Finally, Wall Street Zen downgraded shares of Olin from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Olin currently has an average rating of “Hold” and an average price target of $23.20.

Olin Company Profile

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.