HITE Hedge Asset Management LLC Purchases New Position in Olin Corporation $OLN

HITE Hedge Asset Management LLC purchased a new stake in shares of Olin Corporation (NYSE:OLN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 146,381 shares of the specialty chemicals company’s stock, valued at approximately $3,049,000. HITE Hedge Asset Management LLC owned 0.13% of Olin at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its position in shares of Olin by 5.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 12,690,488 shares of the specialty chemicals company’s stock valued at $317,135,000 after buying an additional 661,730 shares during the period. State Street Corp increased its position in shares of Olin by 1.1% during the second quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock valued at $97,043,000 after buying an additional 50,309 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Olin by 3.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,596,499 shares of the specialty chemicals company’s stock valued at $95,746,000 after buying an additional 145,424 shares during the period. Pzena Investment Management LLC increased its position in shares of Olin by 17.5% during the fourth quarter. Pzena Investment Management LLC now owns 4,507,913 shares of the specialty chemicals company’s stock valued at $93,900,000 after buying an additional 671,250 shares during the period. Finally, Millennium Management LLC increased its position in shares of Olin by 1,063.0% during the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock valued at $62,143,000 after buying an additional 2,272,877 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OLN shares. Morgan Stanley boosted their price target on shares of Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. Royal Bank Of Canada set a $30.00 price objective on shares of Olin and gave the stock a “sector perform” rating in a research note on Friday, April 10th. JPMorgan Chase & Co. boosted their price objective on shares of Olin from $20.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Wall Street Zen raised shares of Olin from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, The Goldman Sachs Group boosted their price objective on shares of Olin from $22.00 to $31.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and an average price target of $28.08.

Olin Trading Up 3.7%

Shares of NYSE OLN opened at $25.10 on Friday. The firm’s 50 day moving average price is $26.93 and its 200-day moving average price is $24.62. The company has a market cap of $2.86 billion, a PE ratio of -22.41 and a beta of 1.17. 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.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Thursday, May 14th. Olin’s dividend payout ratio is currently -71.43%.

Olin Company 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.