Pzena Investment Management LLC Buys 76,748 Shares of Olin Corporation $OLN

Pzena Investment Management LLC increased its position in shares of Olin Corporation (NYSE:OLN) by 2.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,966,952 shares of the specialty chemicals company’s stock after purchasing an additional 76,748 shares during the quarter. Pzena Investment Management LLC’s holdings in Olin were worth $61,488,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in OLN. ARGA Investment Management LP boosted its holdings in shares of Olin by 68.8% in the 3rd quarter. ARGA Investment Management LP now owns 103,625 shares of the specialty chemicals company’s stock valued at $1,606,000 after buying an additional 42,252 shares during the period. Lesa Sroufe & Co acquired a new stake in Olin during the third quarter worth about $1,315,000. Vise Technologies Inc. acquired a new stake in Olin during the third quarter worth about $359,000. State of Wyoming lifted its holdings in Olin by 311.2% in the third quarter. State of Wyoming now owns 11,418 shares of the specialty chemicals company’s stock worth $177,000 after acquiring an additional 8,641 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in Olin by 15.7% in the third quarter. D.A. Davidson & CO. now owns 13,438 shares of the specialty chemicals company’s stock worth $208,000 after acquiring an additional 1,819 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Wall Street Analyst Weigh In

OLN has been the subject of a number of research reports. Citigroup lifted their target price on Olin from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday. Mizuho raised their price target on Olin from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Barclays initiated coverage on Olin in a research report on Monday, October 12th. They set an “equal weight” rating and a $18.00 price objective for the company. Royal Bank Of Canada upped their price objective on Olin from $16.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Monday. Finally, KeyCorp assumed coverage on Olin in a research note on Friday, September 11th. They issued an “overweight” rating and a $26.00 target price on the stock. One investment analyst has rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $20.64.

Olin Stock Performance

NYSE OLN opened at $18.08 on Thursday. The company has a 50-day moving average price of $16.45 and a two-hundred day moving average price of $22.19. Olin Corporation has a 52 week low of $14.64 and a 52 week high of $30.46. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.88 and a current ratio of 1.45.

Olin (NYSE:OLN) last released its quarterly earnings results on Thursday, October 29th. The specialty chemicals company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Olin had a negative net margin of 2.49% and a negative return on equity of 6.63%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the firm posted $0.37 EPS. The business’s quarterly revenue was up 2.0% on a year-over-year basis. Sell-side analysts expect that Olin Corporation will post -0.83 EPS for the current fiscal year.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Thursday, August 27th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 4.4%. Olin’s dividend payout ratio is presently -54.42%.

Olin Profile

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.