Teacher Retirement System of Texas increased its position in shares of Olin Corp. (NYSE:OLN) by 13.8% during the second quarter, Holdings Channel reports. The institutional investor owned 22,992 shares of the company’s stock after buying an additional 2,795 shares during the period. Teacher Retirement System of Texas’ holdings in Olin Corp. were worth $571,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. M&T Bank Corp raised its position in Olin Corp. by 0.7% in the first quarter. M&T Bank Corp now owns 35,360 shares of the company’s stock worth $614,000 after buying an additional 261 shares in the last quarter. Monetary Management Group Inc. increased its stake in Olin Corp. by 9,248.0% in the first quarter. Monetary Management Group Inc. now owns 93,480 shares of the company’s stock worth $1,624,000 after buying an additional 92,480 shares in the last quarter. Royce & Associates LP increased its stake in Olin Corp. by 30.5% in the first quarter. Royce & Associates LP now owns 785,900 shares of the company’s stock worth $13,651,000 after buying an additional 183,500 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Olin Corp. by 111.0% in the first quarter. JPMorgan Chase & Co. now owns 1,095,646 shares of the company’s stock worth $19,031,000 after buying an additional 576,343 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Olin Corp. by 5.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,780,593 shares of the company’s stock worth $83,039,000 after buying an additional 252,683 shares in the last quarter. Institutional investors own 92.85% of the company’s stock.
Olin Corp. (NYSE:OLN) traded up 0.39% during midday trading on Monday, hitting $20.60. The stock had a trading volume of 420,841 shares. Olin Corp. has a 52-week low of $12.29 and a 52-week high of $26.46. The firm has a 50-day moving average of $20.25 and a 200 day moving average of $21.13. The firm’s market capitalization is $3.40 billion.
Olin Corp. (NYSE:OLN) last released its earnings results on Tuesday, August 2nd. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by $0.07. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Olin Corp. had a positive return on equity of 4.25% and a negative net margin of 2.05%. The firm’s revenue for the quarter was up 154.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. On average, equities analysts forecast that Olin Corp. will post $1.27 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, August 8th. This represents a $0.80 annualized dividend and a yield of 3.90%. Olin Corp.’s dividend payout ratio is presently -150.94%.
OLN has been the subject of several recent research reports. Nomura reiterated a “buy” rating on shares of Olin Corp. in a research report on Tuesday, July 12th. Royal Bank Of Canada reissued an “outperform” rating and set a $28.00 price objective (up previously from $25.00) on shares of Olin Corp. in a research note on Monday, June 13th. Cowen and Company dropped their price objective on Olin Corp. from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Friday, July 29th. Zacks Investment Research lowered Olin Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Finally, RBC Capital Markets reissued a “buy” rating and set a $24.00 price objective (down previously from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. Olin Corp. currently has an average rating of “Hold” and an average price target of $23.11.
In other news, EVP John L. Mcintosh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total value of $215,900.00. Following the completion of the sale, the executive vice president now owns 60,391 shares of the company’s stock, valued at approximately $1,303,841.69. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.80% of the company’s stock.
About Olin Corp.
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three 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, hydrogen, bleach products and potassium hydroxide.
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