Cresset Asset Management LLC acquired a new position in Olin Co. (NYSE:OLN) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 12,701 shares of the specialty chemicals company’s stock, valued at approximately $587,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of OLN. Millennium Management LLC lifted its holdings in shares of Olin by 1,185.5% in the first quarter. Millennium Management LLC now owns 951,080 shares of the specialty chemicals company’s stock valued at $36,113,000 after purchasing an additional 1,038,693 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in Olin during the 1st quarter worth about $26,290,000. BlackRock Inc. grew its stake in Olin by 4.5% during the 1st quarter. BlackRock Inc. now owns 15,063,498 shares of the specialty chemicals company’s stock valued at $571,962,000 after acquiring an additional 651,765 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Olin by 96.7% in the 1st quarter. Nuveen Asset Management LLC now owns 629,593 shares of the specialty chemicals company’s stock valued at $23,905,000 after purchasing an additional 309,490 shares during the period. Finally, ClariVest Asset Management LLC lifted its position in shares of Olin by 1,364.9% in the second quarter. ClariVest Asset Management LLC now owns 322,720 shares of the specialty chemicals company’s stock worth $14,928,000 after purchasing an additional 300,690 shares in the last quarter. Hedge funds and other institutional investors own 84.82% of the company’s stock.
A number of research firms have issued reports on OLN. UBS Group upgraded shares of Olin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $45.00 to $62.00 in a research report on Tuesday, June 15th. Zacks Investment Research cut shares of Olin from a “strong-buy” rating to a “hold” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 21st. Wells Fargo & Company increased their target price on Olin from $55.00 to $69.00 and gave the company an “overweight” rating in a research note on Monday, June 14th. KeyCorp upped their target price on shares of Olin from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, July 29th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Olin from $51.00 to $61.00 and gave the company an “overweight” rating in a research report on Friday, June 11th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Olin currently has an average rating of “Buy” and a consensus target price of $56.47.
Shares of OLN stock opened at $44.64 on Wednesday. The company has a market capitalization of $7.16 billion, a P/E ratio of -37.20, a P/E/G ratio of 0.13 and a beta of 1.37. Olin Co. has a 12-month low of $11.51 and a 12-month high of $52.01. The company has a quick ratio of 1.10, a current ratio of 1.65 and a debt-to-equity ratio of 1.63. The firm has a 50-day moving average price of $46.63 and a 200 day moving average price of $44.40.
Olin (NYSE:OLN) last posted its quarterly earnings data on Monday, July 26th. The specialty chemicals company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.77. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.12 billion. Olin had a positive return on equity of 28.77% and a negative net margin of 2.36%. The business’s revenue for the quarter was up 79.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.76) EPS. As a group, research analysts expect that Olin Co. will post 7.23 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Tuesday, August 10th were given a $0.20 dividend. The ex-dividend date was Monday, August 9th. This represents a $0.80 dividend on an annualized basis and a yield of 1.79%. Olin’s payout ratio is -59.26%.
Olin Company Profile
Olin Corp. engages in manufacturing of chemicals products. It operates through the following 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.
Further Reading: What are the advantages to having securities held in street name?
Receive News & Ratings for Olin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olin and related companies with MarketBeat.com's FREE daily email newsletter.