Olin Co. (NYSE:OLN) Shares Acquired by Meadow Creek Investment Management LLC
Meadow Creek Investment Management LLC lifted its holdings in shares of Olin Co. (NYSE:OLN) by 50.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,296 shares of the specialty chemicals company’s stock after acquiring an additional 27,184 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Olin were worth $1,781,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. FMR LLC boosted its holdings in shares of Olin by 99.8% during the 1st quarter. FMR LLC now owns 24,733,170 shares of the specialty chemicals company’s stock worth $572,325,000 after buying an additional 12,354,303 shares during the period. BlackRock Inc. boosted its stake in shares of Olin by 0.4% in the 1st quarter. BlackRock Inc. now owns 19,435,921 shares of the specialty chemicals company’s stock valued at $449,746,000 after purchasing an additional 80,752 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Olin by 18.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,338,344 shares of the specialty chemicals company’s stock valued at $107,351,000 after purchasing an additional 844,972 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Olin by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,760,528 shares of the specialty chemicals company’s stock valued at $35,403,000 after purchasing an additional 129,008 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Olin by 5.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,127,861 shares of the specialty chemicals company’s stock valued at $24,712,000 after purchasing an additional 57,548 shares during the last quarter. Institutional investors and hedge funds own 91.21% of the company’s stock.
In other news, Director Vince J. Smith bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $85,000.00. Following the acquisition, the director now directly owns 37,304 shares in the company, valued at $634,168. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Mcdougald Sutton bought 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average price of $15.66 per share, for a total transaction of $234,900.00. Following the completion of the acquisition, the director now owns 39,500 shares in the company, valued at $618,570. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,080 shares of company stock worth $372,710 over the last 90 days. Company insiders own 1.90% of the company’s stock.
Olin (NYSE:OLN) last posted its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported ($0.01) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Olin had a net margin of 4.06% and a return on equity of 7.82%. Olin’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.35 earnings per share. Equities analysts predict that Olin Co. will post 1.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date was Thursday, August 8th. Olin’s payout ratio is 45.71%.
Several research analysts have recently issued reports on OLN shares. Barclays reaffirmed a “hold” rating and issued a $22.00 target price on shares of Olin in a research note on Sunday, August 4th. Bank of America reiterated a “buy” rating and issued a $22.00 price objective (down from $29.00) on shares of Olin in a report on Friday, August 16th. Royal Bank of Canada lowered their price objective on shares of Olin to $19.00 and set a “sector perform” rating on the stock in a report on Wednesday, July 10th. Finally, Morgan Stanley downgraded shares of Olin from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $33.00 to $23.00 in a report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $26.73.
Olin Company Profile
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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