Saba Capital Management L.P. Has $2.50 Million Stake in Olin Corporation $OLN

Saba Capital Management L.P. decreased its stake in shares of Olin Corporation (NYSE:OLN) by 36.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 84,036 shares of the specialty chemicals company’s stock after selling 49,187 shares during the quarter. Saba Capital Management L.P. owned 0.07% of Olin worth $2,498,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Rockefeller Capital Management L.P. grew its position in Olin by 115.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Olin in the 1st quarter valued at approximately $32,000. Allworth Financial LP raised its holdings in Olin by 114.0% in the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 927 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Olin by 34.0% in the 4th quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock worth $54,000 after acquiring an additional 659 shares during the period. Finally, Spire Wealth Management lifted its position in shares of Olin by 58.7% in the 4th quarter. Spire Wealth Management now owns 2,739 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 1,013 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

Wall Street Analyst Weigh In

OLN has been the topic of several recent research reports. Royal Bank Of Canada set a $30.00 price objective on Olin and gave the stock a “sector perform” rating in a report on Friday, April 10th. BMO Capital Markets cut their target price on Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday, July 6th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $37.00 target price on shares of Olin in a research report on Sunday, May 10th. Wall Street Zen downgraded shares of Olin from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $26.46.

Olin Stock Down 5.9%

Shares of NYSE OLN opened at $21.82 on Tuesday. Olin Corporation has a 52-week low of $18.08 and a 52-week high of $30.46. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.82 and a current ratio of 1.36. The business has a fifty day moving average of $23.12 and a two-hundred day moving average of $24.81. The stock has a market cap of $2.49 billion, a PE ratio of -19.48 and a beta of 1.21.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.7%. Olin’s dividend payout ratio (DPR) is -71.43%.

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.