California Public Employees Retirement System Has $9.58 Million Position in Olin Corporation (OLN)
California Public Employees Retirement System increased its stake in shares of Olin Corporation (NYSE:OLN) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 316,337 shares of the specialty chemicals company’s stock after purchasing an additional 5,600 shares during the quarter. California Public Employees Retirement System owned 0.19% of Olin Corporation worth $9,579,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quantum Capital Management grew its stake in Olin Corporation by 22.2% during the 2nd quarter. Quantum Capital Management now owns 237,063 shares of the specialty chemicals company’s stock worth $7,178,000 after purchasing an additional 43,013 shares in the last quarter. Vanguard Group Inc. grew its stake in Olin Corporation by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 14,685,258 shares of the specialty chemicals company’s stock worth $444,670,000 after purchasing an additional 274,853 shares in the last quarter. New York State Common Retirement Fund grew its stake in Olin Corporation by 59.5% during the 2nd quarter. New York State Common Retirement Fund now owns 622,007 shares of the specialty chemicals company’s stock worth $18,834,000 after purchasing an additional 232,094 shares in the last quarter. Columbia Partners L L C Investment Management acquired a new position in Olin Corporation during the 2nd quarter worth $1,564,000. Finally, Acrospire Investment Management LLC grew its stake in Olin Corporation by 238.5% during the 2nd quarter. Acrospire Investment Management LLC now owns 4,400 shares of the specialty chemicals company’s stock worth $133,000 after purchasing an additional 3,100 shares in the last quarter. 92.62% of the stock is owned by hedge funds and other institutional investors.
In other Olin Corporation news, EVP John L. Mcintosh sold 16,070 shares of Olin Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total value of $498,491.40. Following the transaction, the executive vice president now owns 60,391 shares in the company, valued at $1,873,328.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Stephen C. Curley sold 5,000 shares of Olin Corporation stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $30.34, for a total transaction of $151,700.00. Following the completion of the transaction, the vice president now owns 23,837 shares in the company, valued at approximately $723,214.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,070 shares of company stock worth $1,407,151. 2.90% of the stock is currently owned by company insiders.
Several research analysts recently commented on OLN shares. Zacks Investment Research cut Olin Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 4th. Citigroup Inc. started coverage on Olin Corporation in a research note on Wednesday, September 27th. They set a “buy” rating and a $39.00 target price for the company. Cowen and Company reissued an “outperform” rating and set a $39.00 target price (up from $37.00) on shares of Olin Corporation in a research note on Thursday, June 22nd. SunTrust Banks, Inc. reissued a “buy” rating and set a $44.00 target price (up from $36.00) on shares of Olin Corporation in a research note on Monday, October 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $35.00 target price on shares of Olin Corporation in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Olin Corporation has a consensus rating of “Hold” and a consensus price target of $36.50.
Olin Corporation (NYSE:OLN) opened at 36.61 on Monday. Olin Corporation has a 52-week low of $19.62 and a 52-week high of $36.84. The stock’s 50 day moving average price is $32.62 and its 200 day moving average price is $31.21. The firm has a market capitalization of $6.09 billion, a PE ratio of 142.45 and a beta of 1.42.
Olin Corporation (NYSE:OLN) last announced its earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.15). Olin Corporation had a return on equity of 5.80% and a net margin of 0.72%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the firm earned $0.24 EPS. Olin Corporation’s revenue for the quarter was up 11.9% on a year-over-year basis. Analysts expect that Olin Corporation will post $1.07 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 10th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.80 annualized dividend and a yield of 2.19%. Olin Corporation’s dividend payout ratio (DPR) is 320.00%.
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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