Impala Asset Management LLC Invests $3 Million in Olin Corporation $OLN

Impala Asset Management LLC bought a new position in shares of Olin Corporation (NYSE:OLN) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 120,000 shares of the specialty chemicals company’s stock, valued at approximately $2,999,000. Olin accounts for 2.0% of Impala Asset Management LLC’s investment portfolio, making the stock its 12th biggest position. Impala Asset Management LLC owned about 0.11% of Olin as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Choreo LLC acquired a new stake in shares of Olin in the third quarter worth $726,000. Thrivent Financial for Lutherans lifted its holdings in shares of Olin by 6.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock valued at $40,974,000 after acquiring an additional 105,484 shares in the last quarter. V. M. Manning & CO. Inc. purchased a new stake in Olin during the 2nd quarter worth $989,000. Prudential Financial Inc. increased its holdings in Olin by 5,469.7% in the 2nd quarter. Prudential Financial Inc. now owns 588,323 shares of the specialty chemicals company’s stock valued at $11,819,000 after purchasing an additional 577,760 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new position in Olin in the third quarter valued at about $770,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Stock Up 0.6%

OLN stock opened at $24.62 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.73 and a debt-to-equity ratio of 1.45. The firm has a 50 day simple moving average of $23.52 and a 200-day simple moving average of $22.77. The company has a market capitalization of $2.80 billion, a P/E ratio of -64.79 and a beta of 1.56. Olin Corporation has a twelve month low of $17.66 and a twelve month high of $27.35.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, hitting analysts’ consensus estimates of ($0.58). The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. On average, equities research analysts predict that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be given a $0.20 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $0.80 annualized dividend and a dividend yield of 3.2%. Olin’s dividend payout ratio (DPR) is presently -210.53%.

Insider Activity

In other Olin news, VP Angela M. Castle sold 2,379 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total transaction of $57,690.75. Following the completion of the sale, the vice president owned 1,528 shares in the company, valued at $37,054. The trade was a 60.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd A. Slater sold 92,250 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the completion of the transaction, the chief financial officer owned 44,291 shares in the company, valued at approximately $995,661.68. The trade was a 67.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 99,379 shares of company stock worth $2,238,298. 1.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on OLN. Morgan Stanley decreased their target price on Olin from $20.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 price target on shares of Olin in a research report on Tuesday, February 10th. Truist Financial lowered their price objective on shares of Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, February 2nd. Royal Bank Of Canada reduced their target price on shares of Olin from $24.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Monday, February 2nd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Olin in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Olin has an average rating of “Hold” and an average target price of $23.20.

Olin Profile

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.