SummitTX Capital L.P. Makes New Investment in Olin Corporation $OLN

SummitTX Capital L.P. acquired a new position in Olin Corporation (NYSE:OLN) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 197,018 shares of the specialty chemicals company’s stock, valued at approximately $5,857,000. SummitTX Capital L.P. owned 0.17% of Olin as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its stake in Olin by 115.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after acquiring an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Olin during the first quarter valued at approximately $32,000. Allworth Financial LP boosted its position in shares of Olin by 114.0% in the third quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock worth $43,000 after purchasing an additional 927 shares during the period. UMB Bank n.a. boosted its position in shares of Olin by 34.0% in the fourth quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock worth $54,000 after purchasing an additional 659 shares during the period. Finally, Spire Wealth Management increased its stake in shares of Olin by 58.7% in the fourth quarter. Spire Wealth Management now owns 2,739 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 1,013 shares in the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Stock Performance

NYSE:OLN opened at $21.82 on Tuesday. The company has a market cap of $2.49 billion, a price-to-earnings ratio of -19.48 and a beta of 1.21. Olin Corporation has a 1 year low of $18.08 and a 1 year high of $30.46. The stock’s 50 day simple moving average is $23.12 and its two-hundred day simple moving average is $24.81. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. Olin’s dividend payout ratio is presently -71.43%.

Analysts Set New Price Targets

Several research analysts recently weighed in on OLN shares. Wall Street Zen downgraded shares of Olin from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Bank of America cut Olin from a “buy” rating to an “underperform” rating and decreased their price target for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. Morgan Stanley boosted their price objective on Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. BMO Capital Markets cut their target price on Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research report on Monday, July 6th. Finally, Truist Financial cut their target price on Olin from $26.00 to $24.00 and set a “hold” rating for the company in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $26.46.

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.