Olin (NYSE:OLN) Trading 5.8% Higher – Here’s Why

Olin Corporation (NYSE:OLN) shares were up 5.8% during trading on Wednesday . The stock traded as high as $21.80 and last traded at $21.9370. Approximately 1,537,788 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 2,953,831 shares. The stock had previously closed at $20.74.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OLN shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. Bank of America lowered Olin from a “buy” rating to an “underperform” rating and cut their price target for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. Zacks Research raised Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Mizuho decreased their price objective on Olin from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $37.00 target price on shares of Olin in a research report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $27.15.

Olin Trading Up 1.6%

The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The business’s 50-day moving average is $24.43 and its two-hundred day moving average is $24.70. The firm has a market cap of $2.34 billion, a P/E ratio of -18.29 and a beta of 1.21.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 14th were issued a $0.20 dividend. The ex-dividend date was Thursday, May 14th. This represents a $0.80 annualized dividend and a dividend yield of 3.9%. Olin’s dividend payout ratio (DPR) is presently -71.43%.

Institutional Trading of Olin

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Invenomic Capital Management LP bought a new position in shares of Olin during the 3rd quarter worth approximately $5,761,000. Harbor Capital Advisors Inc. boosted its stake in shares of Olin by 39.4% in the fourth quarter. Harbor Capital Advisors Inc. now owns 132,013 shares of the specialty chemicals company’s stock valued at $2,750,000 after buying an additional 37,289 shares during the period. SG Americas Securities LLC lifted its position in shares of Olin by 142.0% during the 4th quarter. SG Americas Securities LLC now owns 455,757 shares of the specialty chemicals company’s stock valued at $9,493,000 after acquiring an additional 267,458 shares during the period. Stanley Laman Group Ltd. acquired a new stake in Olin during the fourth quarter worth about $3,722,000. Finally, Hudson Bay Capital Management LP acquired a new position in Olin during the third quarter valued at approximately $4,166,000. Institutional investors own 88.67% of the company’s stock.

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.