Huber Capital Management LLC Sells 35,560 Shares of Olin Corporation $OLN

Huber Capital Management LLC lessened its stake in Olin Corporation (NYSE:OLN) by 24.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,000 shares of the specialty chemicals company’s stock after selling 35,560 shares during the period. Huber Capital Management LLC owned 0.10% of Olin worth $2,799,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp raised its stake in Olin by 1.1% in the second quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock worth $97,043,000 after buying an additional 50,309 shares in the last quarter. Ilex Capital Partners UK LLP purchased a new position in shares of Olin in the 2nd quarter valued at $50,476,000. Thrivent Financial for Lutherans increased its holdings in shares of Olin by 6.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock valued at $40,974,000 after acquiring an additional 105,484 shares during the period. Bank of America Corp DE raised its position in shares of Olin by 48.9% in the 2nd quarter. Bank of America Corp DE now owns 1,589,322 shares of the specialty chemicals company’s stock worth $31,929,000 after acquiring an additional 521,620 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Olin in the 2nd quarter worth $27,843,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OLN has been the topic of a number of recent research reports. KeyCorp dropped their price objective on Olin from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, February 2nd. BMO Capital Markets decreased their price target on shares of Olin from $25.00 to $24.00 and set a “market perform” rating for the company in a research report on Tuesday, February 3rd. Mizuho raised their price target on shares of Olin from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, February 17th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Olin in a research report on Thursday, January 22nd. Finally, Zacks Research lowered shares of Olin from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $23.53.

Olin Stock Down 1.3%

Olin stock traded down $0.35 during midday trading on Friday, reaching $25.67. The company’s stock had a trading volume of 259,951 shares, compared to its average volume of 3,341,180. 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 stock has a market capitalization of $2.92 billion, a P/E ratio of -67.62 and a beta of 1.56. The stock’s 50-day simple moving average is $23.84 and its 200-day simple moving average is $22.86. Olin Corporation has a 52-week low of $17.66 and a 52-week high of $27.35.

Olin (NYSE:OLN) last issued its quarterly 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). Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The company’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts expect that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, March 3rd. Olin’s payout ratio is currently -210.53%.

Insider Buying and Selling at Olin

In other news, CFO Todd A. Slater sold 92,250 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the sale, the chief financial officer directly owned 44,291 shares of the company’s stock, valued at $995,661.68. The trade was a 67.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP R Nichole Sumner sold 4,750 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $22.49, for a total value of $106,827.50. Following the completion of the transaction, the vice president directly owned 24,771 shares in the company, valued at approximately $557,099.79. The trade was a 16.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 99,379 shares of company stock worth $2,238,298. 1.60% of the stock is owned by corporate insiders.

Olin 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.