Dynamic Technology Lab Private Ltd Takes $937,000 Position in Olin Co. (NYSE:OLN)

Dynamic Technology Lab Private Ltd purchased a new position in shares of Olin Co. (NYSE:OLN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,726 shares of the specialty chemicals company’s stock, valued at approximately $937,000.

A number of other institutional investors and hedge funds have also bought and sold shares of OLN. Pzena Investment Management LLC increased its stake in Olin by 7.4% in the 4th quarter. Pzena Investment Management LLC now owns 3,709,611 shares of the specialty chemicals company’s stock valued at $125,385,000 after buying an additional 256,903 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Olin by 5,746.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,613,796 shares of the specialty chemicals company’s stock valued at $54,546,000 after acquiring an additional 1,586,192 shares in the last quarter. Norges Bank bought a new position in shares of Olin in the fourth quarter valued at approximately $47,887,000. Charles Schwab Investment Management Inc. increased its position in shares of Olin by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,353,907 shares of the specialty chemicals company’s stock valued at $45,762,000 after acquiring an additional 58,208 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Olin by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,305,521 shares of the specialty chemicals company’s stock worth $44,127,000 after acquiring an additional 97,980 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Stock Down 8.9 %

Shares of NYSE OLN opened at $20.09 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The company has a market cap of $2.31 billion, a P/E ratio of 22.32 and a beta of 1.50. Olin Co. has a 52 week low of $19.16 and a 52 week high of $59.31. The business has a 50-day simple moving average of $26.27 and a two-hundred day simple moving average of $35.39.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. Research analysts anticipate that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Olin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.98%. Olin’s dividend payout ratio (DPR) is presently 88.89%.

Insider Activity at Olin

In other Olin news, CEO Kenneth Todd Lane purchased 7,250 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was purchased at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the transaction, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OLN. JPMorgan Chase & Co. lowered Olin from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $50.00 to $28.00 in a research report on Thursday, February 27th. Piper Sandler downgraded shares of Olin from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $41.00 to $33.00 in a report on Thursday, February 13th. Citigroup dropped their target price on shares of Olin from $34.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, March 27th. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. Finally, BMO Capital Markets lowered their price target on shares of Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin currently has a consensus rating of “Hold” and a consensus target price of $36.69.

Olin Company Profile

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.