Olin Corporation $OLN Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its position in Olin Corporation (NYSE:OLN) by 87.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,518 shares of the specialty chemicals company’s stock after selling 103,816 shares during the period. State of Alaska Department of Revenue’s holdings in Olin were worth $224,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in OLN. Oregon Public Employees Retirement Fund grew its holdings in shares of Olin by 2.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company’s stock worth $693,000 after purchasing an additional 500 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in Olin by 2.0% during the 1st quarter. First Citizens Bank & Trust Co. now owns 31,230 shares of the specialty chemicals company’s stock valued at $928,000 after purchasing an additional 609 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings 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 valued at $26,000 after purchasing an additional 659 shares during the last quarter. ARGA Investment Management LP lifted its holdings in Olin by 2.5% during the 1st quarter. ARGA Investment Management LP now owns 61,315 shares of the specialty chemicals company’s stock valued at $1,823,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Olin in the first quarter valued at about $45,000. Institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

OLN stock opened at $16.55 on Wednesday. The company has a 50 day moving average price of $16.56 and a 200 day moving average price of $22.37. Olin Corporation has a fifty-two week low of $14.64 and a fifty-two week high of $30.46.

Olin (NYSE:OLN) last released its earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.25). The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.81 billion. The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.01) earnings per share. As a group, equities analysts predict that Olin Corporation will post -0.80 EPS for the current year.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Thursday, August 27th.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OLN. Truist Financial decreased their price objective on shares of Olin from $20.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, October 20th. Citigroup cut their target price on shares of Olin from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, September 30th. Wall Street Zen downgraded Olin from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. The Goldman Sachs Group set a $18.00 price target on Olin in a research report on Wednesday, September 30th. Finally, Bank of America cut Olin from a “buy” rating to an “underperform” rating and dropped their price target for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Olin currently has a consensus rating of “Reduce” and a consensus target price of $20.07.

About Olin

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.