SummerHaven Investment Management LLC Invests $939,000 in Olin Corporation $OLN

SummerHaven Investment Management LLC acquired a new position in shares of Olin Corporation (NYSE:OLN) during the third quarter, Holdings Channel reports. The institutional investor acquired 37,574 shares of the specialty chemicals company’s stock, valued at approximately $939,000.

Several other large investors have also recently made changes to their positions in OLN. ARGA Investment Management LP increased its stake in shares of Olin by 0.9% in the 3rd quarter. ARGA Investment Management LP now owns 60,359 shares of the specialty chemicals company’s stock valued at $1,508,000 after purchasing an additional 546 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in Olin by 9.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 6,412 shares of the specialty chemicals company’s stock valued at $160,000 after purchasing an additional 579 shares during the period. FORA Capital LLC increased its position in shares of Olin by 2.6% in the second quarter. FORA Capital LLC now owns 24,453 shares of the specialty chemicals company’s stock valued at $491,000 after buying an additional 625 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Olin by 1.1% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 62,678 shares of the specialty chemicals company’s stock worth $1,566,000 after buying an additional 700 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in shares of Olin by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 53,636 shares of the specialty chemicals company’s stock worth $1,078,000 after buying an additional 793 shares during the period. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of Olin from $22.00 to $24.00 and gave the company a “sector perform” rating in a research note on Friday, January 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Olin in a research report on Thursday, January 22nd. Mizuho set a $26.00 target price on shares of Olin in a research note on Friday, October 3rd. Wells Fargo & Company decreased their price target on shares of Olin from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 29th. Finally, Wall Street Zen lowered Olin from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Olin currently has an average rating of “Hold” and an average price target of $24.29.

Insider Buying and Selling

In other news, VP Teresa M. Vermillion sold 4,500 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $20.86, for a total value of $93,870.00. Following the completion of the sale, the vice president owned 17,199 shares of the company’s stock, valued at $358,771.14. This represents a 20.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by company insiders.

Olin Stock Down 3.0%

Shares of NYSE OLN opened at $22.89 on Wednesday. The stock has a market cap of $2.61 billion, a PE ratio of 49.77, a P/E/G ratio of 3.49 and a beta of 1.64. The company has a current ratio of 1.56, a quick ratio of 0.89 and a debt-to-equity ratio of 1.49. Olin Corporation has a 12-month low of $17.66 and a 12-month high of $33.68. The company has a 50-day moving average of $21.54 and a 200 day moving average of $22.03.

Olin (NYSE:OLN) last issued its earnings results on Monday, October 27th. The specialty chemicals company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.31. Olin had a return on equity of 3.36% and a net margin of 0.79%.The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the previous year, the firm posted ($0.21) EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, sell-side analysts predict that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.5%. The ex-dividend date was Friday, November 28th. Olin’s dividend payout ratio (DPR) is presently 173.91%.

About Olin

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.