Olin Corporation (OLN) Shares Bought by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board increased its stake in shares of Olin Corporation (NYSE:OLN) by 47.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 479,317 shares of the specialty chemicals company’s stock after buying an additional 153,400 shares during the period. Canada Pension Plan Investment Board’s holdings in Olin Corporation were worth $14,514,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OLN. BlackRock Inc. boosted its position in Olin Corporation by 7,604.7% in the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock valued at $653,967,000 after buying an additional 19,637,387 shares during the period. King Street Capital Management L.P. bought a new position in Olin Corporation during the first quarter valued at $65,740,000. Bank of New York Mellon Corp boosted its position in Olin Corporation by 51.8% in the first quarter. Bank of New York Mellon Corp now owns 3,176,770 shares of the specialty chemicals company’s stock valued at $104,421,000 after buying an additional 1,083,395 shares during the period. Columbus Circle Investors bought a new position in Olin Corporation during the first quarter valued at $32,179,000. Finally, Prudential Financial Inc. boosted its position in Olin Corporation by 890.3% in the first quarter. Prudential Financial Inc. now owns 1,026,922 shares of the specialty chemicals company’s stock valued at $33,755,000 after buying an additional 923,220 shares during the period. Institutional investors own 93.02% of the company’s stock.
Olin Corporation (NYSE:OLN) opened at 30.50 on Wednesday. Olin Corporation has a one year low of $18.24 and a one year high of $33.88. The company’s 50-day moving average is $30.41 and its 200 day moving average is $30.80. The firm has a market cap of $5.07 billion, a PE ratio of 118.68 and a beta of 1.43.
Olin Corporation (NYSE:OLN) last posted its quarterly earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.15. Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business posted $0.24 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Equities analysts anticipate that Olin Corporation will post $1.14 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 10th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.62%. The ex-dividend date is Tuesday, August 8th. Olin Corporation’s payout ratio is currently 320.00%.
OLN has been the subject of several research analyst reports. Cowen and Company reiterated an “outperform” rating and issued a $39.00 price target (up previously from $37.00) on shares of Olin Corporation in a report on Thursday, June 22nd. Bank of America Corporation initiated coverage on shares of Olin Corporation in a report on Monday, May 8th. They issued a “buy” rating and a $40.00 price target for the company. BidaskClub upgraded shares of Olin Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Royal Bank Of Canada reiterated a “buy” rating and issued a $35.00 price target on shares of Olin Corporation in a report on Tuesday, May 16th. Finally, Zacks Investment Research upgraded shares of Olin Corporation from a “sell” rating to a “hold” rating in a report on Thursday, April 20th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Olin Corporation currently has an average rating of “Hold” and a consensus price target of $32.75.
In related news, EVP John L. Mcintosh sold 24,000 shares of Olin Corporation stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $31.54, for a total value of $756,960.00. Following the completion of the sale, the executive vice president now owns 84,391 shares of the company’s stock, valued at approximately $2,661,692.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John L. Mcintosh sold 16,070 shares of Olin Corporation stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total transaction of $498,491.40. Following the completion of the sale, the executive vice president now directly owns 60,391 shares of the company’s stock, valued at approximately $1,873,328.82. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.
About Olin Corporation
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, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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