Foundry Partners LLC Boosts Position in Olin Corp. (OLN)
Foundry Partners LLC raised its stake in shares of Olin Corp. (NYSE:OLN) by 10.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,358 shares of the company’s stock after buying an additional 26,797 shares during the period. Foundry Partners LLC owned about 0.17% of Olin Corp. worth $5,773,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Howard Hughes Medical Institute acquired a new stake in Olin Corp. during the second quarter valued at about $178,000. Scout Investments Inc. acquired a new stake in Olin Corp. during the second quarter valued at about $212,000. Quadrature Capital Ltd acquired a new stake in Olin Corp. during the second quarter valued at about $227,000. LS Investment Advisors LLC raised its stake in Olin Corp. by 8.9% in the second quarter. LS Investment Advisors LLC now owns 9,915 shares of the company’s stock valued at $246,000 after buying an additional 813 shares during the period. Finally, Nomura Holdings Inc. acquired a new stake in Olin Corp. during the second quarter valued at about $250,000. 92.85% of the stock is currently owned by institutional investors.
Shares of Olin Corp. (NYSE:OLN) traded up 0.80% during trading on Friday, reaching $25.15. 1,713,704 shares of the company traded hands. Olin Corp. has a 52 week low of $12.29 and a 52 week high of $26.46. The company’s market capitalization is $4.16 billion. The company’s 50-day moving average price is $21.21 and its 200-day moving average price is $21.91.
Olin Corp. (NYSE:OLN) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.44 billion. Olin Corp. had a negative net margin of 1.49% and a positive return on equity of 5.30%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. Equities research analysts forecast that Olin Corp. will post $1.16 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Thursday, November 10th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Tuesday, November 8th. Olin Corp.’s payout ratio is presently -160.00%.
OLN has been the subject of several recent analyst reports. Longbow Research cut shares of Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price objective for the company. in a research note on Wednesday, September 7th. Zacks Investment Research raised shares of Olin Corp. from a “hold” rating to a “strong-buy” rating and set a $23.00 price objective for the company in a research note on Wednesday, October 5th. Finally, Cowen and Company reduced their price objective on shares of Olin Corp. from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $22.67.
In related news, insider Pat D. Dawson purchased 20,000 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average price of $22.54 per share, with a total value of $450,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John L. Mcintosh sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total transaction of $215,900.00. Following the sale, the executive vice president now directly owns 60,391 shares in the company, valued at approximately $1,303,841.69. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.
Olin Corp. Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrogen, bleach products and potassium hydroxide.
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