Olin Corporation $OLN Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp boosted its stake in shares of Olin Corporation (NYSE:OLN) by 9,748.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 100,847 shares of the specialty chemicals company’s stock after purchasing an additional 99,823 shares during the period. Fifth Third Bancorp’s holdings in Olin were worth $2,998,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Values First Advisors Inc. grew its holdings in shares of Olin by 3.4% during the first quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company’s stock valued at $384,000 after buying an additional 425 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Olin by 10.6% during the fourth quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock worth $108,000 after purchasing an additional 497 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in 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 buying an additional 500 shares during the period. Madison Asset Management LLC raised its position in Olin by 0.6% during the 4th quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company’s stock worth $2,033,000 after buying an additional 555 shares during the last quarter. Finally, FORA Capital LLC lifted its stake in Olin by 2.6% during the 2nd quarter. FORA Capital LLC now owns 24,453 shares of the specialty chemicals company’s stock valued at $491,000 after acquiring an additional 625 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Stock Up 1.0%

OLN opened at $22.21 on Tuesday. Olin Corporation has a fifty-two week low of $18.08 and a fifty-two week high of $30.46. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.82 and a current ratio of 1.36. The company has a fifty day moving average of $23.55 and a two-hundred day moving average of $24.74. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -19.83 and a beta of 1.21.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 14th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. Olin’s dividend payout ratio (DPR) is -71.43%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OLN. Bank of America downgraded shares of Olin from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. Citigroup downgraded shares of Olin from a “neutral” rating to an “underperform” rating in a research report on Tuesday, June 30th. Zacks Research raised Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. The Goldman Sachs Group reduced their price objective on Olin from $31.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on Olin from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.46.

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.