Traders Purchase Large Volume of Olin Put Options (NYSE:OLN)

Olin Corporation (NYSE:OLN) was the target of unusually large options trading activity on Tuesday. Stock investors acquired 14,624 put options on the stock. This represents an increase of approximately 387% compared to the average daily volume of 3,004 put options.

Olin Trading Down 3.1%

NYSE:OLN opened at $23.07 on Thursday. The firm’s fifty day moving average is $26.64 and its 200-day moving average is $24.72. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.82 and a current ratio of 1.36. Olin has a 52 week low of $18.08 and a 52 week high of $30.46. The firm has a market cap of $2.63 billion, a P/E ratio of -20.59 and a beta of 1.17.

Olin Dividend Announcement

The company also recently announced 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 3.5%. Olin’s dividend payout ratio is currently -71.43%.

Hedge Funds Weigh In On Olin

Institutional investors have recently added to or reduced their stakes in the stock. Strategic Advocates LLC bought a new position in Olin during the third quarter worth about $25,000. Rockefeller Capital Management L.P. boosted its position in Olin by 115.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Olin during the first quarter worth about $32,000. Bessemer Group Inc. boosted its position in Olin by 712.7% during the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 1,176 shares during the period. Finally, Allworth Financial LP boosted its position in Olin by 114.0% during 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. Institutional investors own 88.67% of the company’s stock.

Analysts Set New Price Targets

OLN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Olin from $20.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. Morgan Stanley upped their price objective on shares of Olin from $18.00 to $22.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Zacks Research upgraded shares of Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Truist Financial upped their price objective on shares of Olin from $20.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. Finally, Citigroup upped their price objective on shares of Olin from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.08.

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.