TIAA CREF Investment Management LLC cut its stake in Olin Co. (NYSE:OLN) by 16.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,608,017 shares of the specialty chemicals company’s stock after selling 1,539,588 shares during the period. TIAA CREF Investment Management LLC owned 4.55% of Olin worth $270,693,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of OLN. First Trust Advisors LP increased its position in Olin by 101.3% in the third quarter. First Trust Advisors LP now owns 211,564 shares of the specialty chemicals company’s stock worth $7,246,000 after buying an additional 106,444 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in Olin in the third quarter worth $457,000. Boston Partners increased its position in Olin by 2.2% in the third quarter. Boston Partners now owns 646,387 shares of the specialty chemicals company’s stock worth $22,139,000 after buying an additional 14,197 shares during the period. Principal Financial Group Inc. increased its position in Olin by 8.4% in the third quarter. Principal Financial Group Inc. now owns 1,060,870 shares of the specialty chemicals company’s stock worth $36,335,000 after buying an additional 82,355 shares during the period. Finally, Jennison Associates LLC increased its position in Olin by 7,869.7% in the third quarter. Jennison Associates LLC now owns 1,992,417 shares of the specialty chemicals company’s stock worth $68,240,000 after buying an additional 1,967,417 shares during the period. 89.09% of the stock is currently owned by hedge funds and other institutional investors.
OLN has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $42.00 target price on shares of Olin in a research report on Thursday, December 14th. Vertical Research raised Olin from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Morgan Stanley initiated coverage on Olin in a research report on Tuesday, January 9th. They issued an “overweight” rating and a $45.00 target price on the stock. Zacks Investment Research raised Olin from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Friday, January 12th. Finally, Nomura dropped their target price on Olin from $43.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, February 8th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Olin presently has an average rating of “Buy” and an average target price of $39.45.
Olin Co. (NYSE:OLN) opened at $32.78 on Wednesday. The company has a market capitalization of $5,539.87, a price-to-earnings ratio of 38.99, a PEG ratio of 1.18 and a beta of 1.43. The company has a current ratio of 1.78, a quick ratio of 1.07 and a debt-to-equity ratio of 1.31. Olin Co. has a fifty-two week low of $27.79 and a fifty-two week high of $38.84.
Olin (NYSE:OLN) last issued its quarterly earnings results on Tuesday, February 6th. The specialty chemicals company reported $2.89 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $2.45. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.53 billion. Olin had a return on equity of 6.02% and a net margin of 8.77%. The company’s quarterly revenue was up 16.9% compared to the same quarter last year. During the same period last year, the company earned $0.11 earnings per share. sell-side analysts predict that Olin Co. will post 2.03 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 9th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, February 8th. Olin’s dividend payout ratio (DPR) is 24.69%.
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Olin Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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