Comerica Bank cut its holdings in shares of Olin Co. (NYSE:OLN) by 2.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 167,572 shares of the specialty chemicals company’s stock after selling 4,581 shares during the period. Comerica Bank owned about 0.10% of Olin worth $3,085,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Olin by 0.3% during the second quarter. BlackRock Inc. now owns 19,501,090 shares of the specialty chemicals company’s stock valued at $427,270,000 after acquiring an additional 65,169 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of Olin by 1,275.5% during the second quarter. Nuveen Asset Management LLC now owns 8,440,543 shares of the specialty chemicals company’s stock valued at $184,932,000 after acquiring an additional 7,826,890 shares in the last quarter. Macquarie Group Ltd. grew its stake in Olin by 0.6% in the second quarter. Macquarie Group Ltd. now owns 4,219,626 shares of the specialty chemicals company’s stock worth $92,452,000 after purchasing an additional 26,394 shares in the last quarter. Balyasny Asset Management LLC grew its stake in Olin by 343.0% in the second quarter. Balyasny Asset Management LLC now owns 1,754,345 shares of the specialty chemicals company’s stock worth $38,438,000 after purchasing an additional 1,358,351 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Olin by 1.7% in the second quarter. Royal Bank of Canada now owns 1,401,156 shares of the specialty chemicals company’s stock worth $30,699,000 after purchasing an additional 23,960 shares in the last quarter. Institutional investors own 91.22% of the company’s stock.
A number of equities analysts recently commented on the company. Morgan Stanley downgraded Olin from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $33.00 to $23.00 in a research note on Friday, July 19th. Bank of America decreased their price target on Olin from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Tudor Pickering downgraded Olin from a “buy” rating to a “hold” rating in a research note on Monday, November 4th. SunTrust Banks downgraded Olin from a “buy” rating to a “hold” rating and set a $19.00 price target for the company. in a research note on Monday, November 4th. Finally, Citigroup downgraded Olin from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $24.00 to $19.00 in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $23.77.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 12th will be issued a $0.20 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 4.13%. Olin’s dividend payout ratio is currently 45.71%.
In other Olin news, Director Scott Mcdougald Sutton bought 15,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were purchased at an average price of $15.66 per share, with a total value of $234,900.00. Following the completion of the acquisition, the director now directly owns 39,500 shares of the company’s stock, valued at approximately $618,570. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Heidi S. Alderman bought 2,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $16.69 per share, for a total transaction of $33,380.00. Following the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at $33,380. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.
Olin Corporation manufactures and distributes chemical products in the United States and internationally. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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