ClariVest Asset Management LLC increased its stake in shares of Olin Corp. (NYSE:OLN) by 15.5% during the second quarter, Holdings Channel reports. The firm owned 77,574 shares of the company’s stock after buying an additional 10,400 shares during the period. ClariVest Asset Management LLC’s holdings in Olin Corp. were worth $1,927,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Commonwealth Equity Services Inc boosted its position in shares of Olin Corp. by 87.9% in the first quarter. Commonwealth Equity Services Inc now owns 30,538 shares of the company’s stock valued at $530,000 after buying an additional 14,284 shares during the period. Aperio Group LLC boosted its position in Olin Corp. by 39.6% in the first quarter. Aperio Group LLC now owns 30,787 shares of the company’s stock valued at $535,000 after buying an additional 8,741 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Olin Corp. during the first quarter valued at about $376,000. Prudential Financial Inc. boosted its position in Olin Corp. by 537.3% in the first quarter. Prudential Financial Inc. now owns 714,982 shares of the company’s stock valued at $12,419,000 after buying an additional 602,800 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Olin Corp. by 135.5% in the first quarter. BlackRock Inc. now owns 300,158 shares of the company’s stock valued at $5,214,000 after buying an additional 172,686 shares during the last quarter. Hedge funds and other institutional investors own 92.85% of the company’s stock.
Olin Corp. (NYSE:OLN) traded up 1.25% during midday trading on Wednesday, reaching $20.33. The company had a trading volume of 761,808 shares. The company’s market capitalization is $3.36 billion. The company’s 50 day moving average is $20.22 and its 200-day moving average is $21.36. Olin Corp. has a 52-week low of $12.29 and a 52-week high of $26.46.
Olin Corp. (NYSE:OLN) last issued its earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.07. Olin Corp. had a positive return on equity of 4.25% and a negative net margin of 2.05%. The business earned $1.36 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same period in the prior year, the business earned $0.32 EPS. The business’s revenue was up 154.8% on a year-over-year basis. Equities analysts expect that Olin Corp. will post $1.27 earnings per share for the current fiscal year.
Several equities analysts have issued reports on the company. Cowen and Company upgraded Olin Corp. from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $18.00 to $31.00 in a research report on Tuesday, June 28th. Longbow Research cut Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 target price on the stock. in a research report on Wednesday, September 7th. Zacks Investment Research upgraded Olin Corp. from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Wednesday, July 6th. RBC Capital Markets reiterated a “buy” rating and set a $24.00 target price (down previously from $28.00) on shares of Olin Corp. in a research report on Friday, July 22nd. Finally, Nomura reiterated a “buy” rating on shares of Olin Corp. in a research report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Olin Corp. has an average rating of “Buy” and an average price target of $22.67.
In other Olin Corp. news, EVP John L. Mcintosh sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total value of $215,900.00. Following the transaction, the executive vice president now owns 60,391 shares of the company’s stock, valued at $1,303,841.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.
Olin Corp. Company Profile
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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