ExodusPoint Capital Management LP reduced its stake in Olin Co. (NYSE:OLN – Free Report) by 33.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 353,560 shares of the specialty chemicals company’s stock after selling 174,926 shares during the period. ExodusPoint Capital Management LP owned about 0.28% of Olin worth $18,169,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the stock. Salem Investment Counselors Inc. acquired a new stake in Olin during the 1st quarter worth approximately $26,000. Ten Capital Wealth Advisors LLC acquired a new stake in Olin during the 1st quarter worth approximately $28,000. Industrial Alliance Investment Management Inc. acquired a new stake in Olin during the 1st quarter worth approximately $31,000. Quarry LP boosted its position in Olin by 508.6% during the 1st quarter. Quarry LP now owns 706 shares of the specialty chemicals company’s stock worth $39,000 after buying an additional 590 shares during the period. Finally, Money Concepts Capital Corp boosted its position in Olin by 74.5% during the 4th quarter. Money Concepts Capital Corp now owns 991 shares of the specialty chemicals company’s stock worth $52,000 after buying an additional 423 shares during the period. 85.69% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the stock. Wells Fargo & Company downgraded shares of Olin from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $65.00 to $50.00 in a research report on Tuesday, September 26th. KeyCorp lowered their price target on shares of Olin from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Monday, October 30th. Royal Bank of Canada raised their price target on shares of Olin from $63.00 to $67.00 and gave the stock an “outperform” rating in a report on Monday, July 31st. Morgan Stanley lowered their price target on shares of Olin from $50.00 to $38.00 and set an “underweight” rating for the company in a report on Monday, October 30th. Finally, Stifel Nicolaus lowered their price target on shares of Olin from $66.00 to $65.00 and set a “buy” rating for the company in a report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Olin currently has an average rating of “Hold” and a consensus target price of $54.43.
Olin Stock Performance
NYSE:OLN opened at $47.05 on Tuesday. The company has a fifty day moving average of $46.70 and a 200-day moving average of $51.22. The firm has a market capitalization of $5.77 billion, a P/E ratio of 10.35, a P/E/G ratio of 9.23 and a beta of 1.44. The company has a quick ratio of 0.80, a current ratio of 1.50 and a debt-to-equity ratio of 1.15. Olin Co. has a twelve month low of $41.71 and a twelve month high of $64.70.
Olin (NYSE:OLN – Get Free Report) last announced its quarterly earnings results on Friday, October 27th. The specialty chemicals company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.15. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.73 billion. Olin had a net margin of 8.39% and a return on equity of 24.36%. Olin’s quarterly revenue was down 28.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.18 EPS. As a group, sell-side analysts anticipate that Olin Co. will post 3.33 EPS for the current year.
Olin Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Thursday, November 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 1.70%. Olin’s dividend payout ratio (DPR) is presently 17.62%.
Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.
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