Choreo LLC Takes $726,000 Position in Olin Corporation $OLN

Choreo LLC bought a new position in shares of Olin Corporation (NYSE:OLN) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 29,054 shares of the specialty chemicals company’s stock, valued at approximately $726,000.

Several other hedge funds have also recently bought and sold shares of the business. ARGA Investment Management LP grew its stake in Olin by 0.9% during the third quarter. ARGA Investment Management LP now owns 60,359 shares of the specialty chemicals company’s stock worth $1,508,000 after buying an additional 546 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in shares of Olin by 9.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 6,412 shares of the specialty chemicals company’s stock valued at $160,000 after acquiring an additional 579 shares in the last quarter. FORA Capital LLC boosted its position in Olin by 2.6% during the 2nd quarter. FORA Capital LLC now owns 24,453 shares of the specialty chemicals company’s stock worth $491,000 after purchasing an additional 625 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in Olin by 1.1% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 62,678 shares of the specialty chemicals company’s stock valued at $1,566,000 after purchasing an additional 700 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in Olin by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 53,636 shares of the specialty chemicals company’s stock valued at $1,078,000 after purchasing an additional 793 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Trading Down 4.3%

NYSE OLN opened at $24.33 on Wednesday. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -64.03 and a beta of 1.56. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 0.73. Olin Corporation has a 12 month low of $17.66 and a 12 month high of $27.35. The company’s fifty day moving average price is $23.37 and its two-hundred day moving average price is $22.74.

Olin (NYSE:OLN) last released its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, hitting the consensus estimate of ($0.58). Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm earned $0.09 EPS. The company’s revenue was down .4% on a year-over-year basis. As a group, research analysts predict that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 3rd. Olin’s dividend payout ratio (DPR) is currently -210.53%.

Insider Transactions at Olin

In related news, VP R Nichole Sumner sold 4,750 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total transaction of $106,827.50. Following the transaction, the vice president directly owned 24,771 shares in the company, valued at $557,099.79. This trade represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Angela M. Castle sold 2,379 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total transaction of $57,690.75. Following the sale, the vice president owned 1,528 shares of the company’s stock, valued at approximately $37,054. The trade was a 60.89% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 99,379 shares of company stock worth $2,238,298. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OLN. KeyCorp decreased their target price on Olin from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, February 2nd. Truist Financial reduced their price target on Olin from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday, February 2nd. Wall Street Zen downgraded shares of Olin from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 target price on shares of Olin in a research report on Tuesday, February 10th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $23.20.

About Olin

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.