Olin (NYSE:OLN) Shares Down 4.9% – Here’s What Happened

Olin Corporation (NYSE:OLN) shares fell 4.9% during mid-day trading on Thursday . The company traded as low as $19.91 and last traded at $19.9750. Approximately 1,116,834 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 2,966,617 shares. The stock had previously closed at $21.00.

Analyst Upgrades and Downgrades

A number of analysts have commented on OLN shares. Truist Financial upped their target price on shares of Olin from $20.00 to $26.00 and gave the company a “hold” rating in a report on Monday, May 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Olin in a research report on Friday, May 22nd. Bank of America lowered Olin from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $32.00 to $21.00 in a research note on Tuesday, June 30th. Wall Street Zen downgraded Olin from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, UBS Group boosted their price target on Olin from $29.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Olin currently has a consensus rating of “Hold” and a consensus price target of $27.15.

Olin Trading Down 5.0%

The firm has a market capitalization of $2.27 billion, a P/E ratio of -17.84 and a beta of 1.21. The stock’s 50-day simple moving average is $24.56 and its two-hundred day simple moving average is $24.70. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Thursday, May 14th. Olin’s dividend payout ratio is presently -71.43%.

Hedge Funds Weigh In On Olin

Several large investors have recently made changes to their positions in the business. Orbis Allan Gray Ltd grew its stake in Olin by 448.9% during the fourth quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after acquiring an additional 3,111,393 shares in the last quarter. Millennium Management LLC increased its holdings in Olin by 1,063.0% in the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock valued at $62,143,000 after acquiring an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC lifted its stake in Olin by 141.3% in the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after purchasing an additional 1,126,809 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Olin by 22.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock valued at $167,311,000 after purchasing an additional 1,031,498 shares during the last quarter. Finally, Amundi bought a new position in shares of Olin during the 3rd quarter valued at about $24,418,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Company Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.