Olin Sees Unusually Large Options Volume (NYSE:OLN)

Olin Corporation (NYSE:OLN) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 14,624 put options on the company. This is an increase of 387% compared to the typical volume of 3,004 put options.

Analysts Set New Price Targets

OLN has been the topic of several recent analyst reports. Zacks Research raised shares of Olin from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Truist Financial lifted their price objective on shares of Olin from $20.00 to $26.00 and gave the company a “hold” rating in a report on Monday, May 11th. JPMorgan Chase & Co. lifted their price objective on shares of Olin from $20.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, May 15th. Morgan Stanley lifted their price objective on shares of Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Royal Bank Of Canada set a $30.00 price objective on shares of Olin and gave the company a “sector perform” rating in a report on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.08.

Olin Stock Down 6.0%

NYSE:OLN traded down $1.53 during mid-day trading on Tuesday, reaching $23.77. The company’s stock had a trading volume of 6,916,870 shares, compared to its average volume of 2,818,123. Olin has a 1 year low of $18.08 and a 1 year high of $30.46. The stock has a fifty day moving average of $26.86 and a 200-day moving average of $24.69. The firm has a market capitalization of $2.71 billion, a PE ratio of -21.20 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. Olin’s dividend payout ratio is -71.43%.

Institutional Trading of Olin

Hedge funds have recently added to or reduced their stakes in the business. Choreo LLC purchased a new position in shares of Olin in the 3rd quarter valued at approximately $726,000. Invenomic Capital Management LP purchased a new position in shares of Olin in the 3rd quarter valued at approximately $5,761,000. SG Americas Securities LLC raised its position in shares of Olin by 142.0% in the 4th quarter. SG Americas Securities LLC now owns 455,757 shares of the specialty chemicals company’s stock valued at $9,493,000 after purchasing an additional 267,458 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Olin by 39.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 132,013 shares of the specialty chemicals company’s stock valued at $2,750,000 after purchasing an additional 37,289 shares during the last quarter. Finally, Stanley Laman Group Ltd. acquired a new position in Olin in the 4th quarter worth approximately $3,722,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.