Olin Corporation $OLN Shares Purchased by Pzena Investment Management LLC

Pzena Investment Management LLC grew its stake in shares of Olin Corporation (NYSE:OLN) by 2.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,966,952 shares of the specialty chemicals company’s stock after buying an additional 76,748 shares during the period. Pzena Investment Management LLC owned 3.48% of Olin worth $61,488,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Olin in the 2nd quarter worth about $1,267,000. Amundi grew its holdings in shares of Olin by 337.2% during the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock worth $20,336,000 after purchasing an additional 527,586 shares during the period. Engineers Gate Manager LP grew its holdings in shares of Olin by 1,601.5% during the 2nd quarter. Engineers Gate Manager LP now owns 210,478 shares of the specialty chemicals company’s stock worth $4,172,000 after purchasing an additional 198,108 shares during the period. WINTON GROUP Ltd acquired a new stake in Olin during the 2nd quarter worth approximately $1,747,000. Finally, Empowered Funds LLC increased its position in Olin by 1,946.0% during the 1st quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company’s stock worth $12,950,000 after purchasing an additional 414,309 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Olin Trading Up 3.1%

Olin stock opened at $18.08 on Thursday. Olin Corporation has a 12-month low of $14.64 and a 12-month high of $30.46. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 1.75. The firm’s fifty day moving average price is $16.45 and its 200 day moving average price is $22.19.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, October 29th. The specialty chemicals company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Olin had a negative net margin of 2.49% and a negative return on equity of 6.63%. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the previous year, the company earned $0.37 earnings per share. The business’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts anticipate that Olin Corporation will post -0.83 earnings per share for the current fiscal year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Thursday, August 27th. Olin’s dividend payout ratio (DPR) is -54.42%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Olin from $30.00 to $20.00 and set a “hold” rating on the stock in a research report on Tuesday, August 25th. Wells Fargo & Company upped their price target on shares of Olin from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Truist Financial raised their price objective on Olin from $15.00 to $17.00 and gave the company a “hold” rating in a research report on Monday. Weiss Ratings restated a “sell (d)” rating on shares of Olin in a research note on Wednesday, August 19th. Finally, Barclays started coverage on Olin in a research report on Monday, October 12th. They issued an “equal weight” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $20.64.

Olin Profile

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.