LPL Financial LLC Lowers Holdings in Olin Co. (NYSE:OLN)

LPL Financial LLC reduced its stake in shares of Olin Co. (NYSE:OLN) by 11.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,656 shares of the specialty chemicals company’s stock after selling 9,487 shares during the quarter. LPL Financial LLC owned 0.06% of Olin worth $3,888,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OLN. Salem Investment Counselors Inc. purchased a new position in shares of Olin during the 1st quarter valued at approximately $26,000. Ten Capital Wealth Advisors LLC purchased a new position in Olin in the first quarter valued at $28,000. Industrial Alliance Investment Management Inc. acquired a new position in shares of Olin in the first quarter worth about $31,000. Quarry LP boosted its stake in shares of Olin by 508.6% during the 1st quarter. Quarry LP now owns 706 shares of the specialty chemicals company’s stock worth $39,000 after acquiring an additional 590 shares in the last quarter. Finally, Money Concepts Capital Corp grew its position in shares of Olin by 74.5% during the 4th quarter. Money Concepts Capital Corp now owns 991 shares of the specialty chemicals company’s stock valued at $52,000 after acquiring an additional 423 shares during the period. 85.69% of the stock is owned by institutional investors and hedge funds.

Olin Trading Up 1.9 %

Shares of Olin stock opened at $44.66 on Monday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.50 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $48.60 and its 200-day simple moving average is $51.98. The stock has a market cap of $5.47 billion, a P/E ratio of 9.84, a P/E/G ratio of 8.78 and a beta of 1.44. Olin Co. has a 1-year low of $41.71 and a 1-year high of $64.70.

Olin (NYSE:OLN) last released its quarterly earnings data on Friday, October 27th. The specialty chemicals company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.15. Olin had a return on equity of 24.36% and a net margin of 8.39%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the company posted $2.18 earnings per share. The firm’s revenue for the quarter was down 28.0% compared to the same quarter last year. Analysts predict that Olin Co. will post 3.33 EPS for the current fiscal year.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Thursday, November 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Wednesday, November 8th. Olin’s payout ratio is currently 17.62%.

Insiders Place Their Bets

In other news, VP Damian Gumpel sold 800 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $55.39, for a total value of $44,312.00. Following the completion of the sale, the vice president now owns 27,651 shares of the company’s stock, valued at approximately $1,531,588.89. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Brett A. Flaugher sold 11,250 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $58.95, for a total value of $663,187.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Damian Gumpel sold 800 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $55.39, for a total transaction of $44,312.00. Following the completion of the transaction, the vice president now directly owns 27,651 shares in the company, valued at approximately $1,531,588.89. The disclosure for this sale can be found here. Insiders have sold 20,050 shares of company stock valued at $1,174,540 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

OLN has been the subject of a number of analyst reports. Credit Suisse Group upped their price target on Olin from $46.00 to $47.00 and gave the stock an “underperform” rating in a report on Friday, July 28th. Stifel Nicolaus dropped their price target on shares of Olin from $66.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, October 30th. Piper Sandler reduced their price objective on shares of Olin from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, October 11th. Morgan Stanley dropped their target price on shares of Olin from $50.00 to $38.00 and set an “underweight” rating on the stock in a research report on Monday, October 30th. Finally, KeyCorp reduced their price target on shares of Olin from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $55.50.

Olin Company Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.