Invenomic Capital Management LP Grows Stock Position in Olin Corporation $OLN

Invenomic Capital Management LP raised its stake in shares of Olin Corporation (NYSE:OLN) by 68.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 387,259 shares of the specialty chemicals company’s stock after buying an additional 156,714 shares during the period. Invenomic Capital Management LP’s holdings in Olin were worth $8,067,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of OLN. Royal Bank of Canada raised its stake in shares of Olin by 20.2% during the 1st quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock valued at $2,066,000 after buying an additional 14,344 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Olin during the 1st quarter valued at about $32,000. Jones Financial Companies Lllp raised its stake in shares of Olin by 467.9% during the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock valued at $335,000 after buying an additional 11,374 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Olin by 57.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock valued at $14,268,000 after buying an additional 215,235 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Olin by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company’s stock valued at $7,696,000 after buying an additional 20,047 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Trading Down 3.1%

OLN stock opened at $23.07 on Thursday. The company has a current ratio of 1.36, a quick ratio of 0.82 and a debt-to-equity ratio of 1.73. Olin Corporation has a 12-month low of $18.08 and a 12-month high of $30.46. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -20.59 and a beta of 1.17. The business’s 50-day moving average is $26.64 and its 200 day moving average is $24.72.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date was Thursday, May 14th. Olin’s payout ratio is presently -71.43%.

Analyst Ratings Changes

OLN has been the topic of a number of analyst reports. Zacks Research upgraded Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Wells Fargo & Company restated an “overweight” rating and set a $37.00 target price on shares of Olin in a research report on Sunday, May 10th. Truist Financial raised their target price on Olin from $20.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Wall Street Zen upgraded Olin from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, The Goldman Sachs Group raised their target price on Olin from $22.00 to $31.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Olin presently has an average rating of “Hold” and a consensus price target of $28.08.

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.