Mackenzie Financial Corp Sells 794 Shares of Olin Co. (NYSE:OLN)

Mackenzie Financial Corp cut its position in shares of Olin Co. (NYSE:OLN) by 12.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,347 shares of the specialty chemicals company’s stock after selling 794 shares during the period. Mackenzie Financial Corp’s holdings in Olin were worth $280,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OLN. HighTower Advisors LLC boosted its stake in Olin by 10.4% during the first quarter. HighTower Advisors LLC now owns 7,760 shares of the specialty chemicals company’s stock valued at $407,000 after buying an additional 728 shares during the last quarter. Private Advisor Group LLC bought a new position in Olin during the first quarter valued at approximately $230,000. Acadian Asset Management LLC bought a new position in Olin during the first quarter valued at approximately $53,000. Great West Life Assurance Co. Can boosted its stake in Olin by 8.7% during the first quarter. Great West Life Assurance Co. Can now owns 82,375 shares of the specialty chemicals company’s stock valued at $4,437,000 after buying an additional 6,589 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC boosted its stake in Olin by 5.8% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 4,714 shares of the specialty chemicals company’s stock valued at $246,000 after buying an additional 259 shares during the last quarter. 85.69% of the stock is owned by institutional investors.

Olin Trading Down 0.1 %

Shares of NYSE OLN opened at $43.07 on Thursday. Olin Co. has a fifty-two week low of $41.71 and a fifty-two week high of $64.70. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 9.49, a PEG ratio of 8.80 and a beta of 1.44. The business’s 50 day moving average price is $47.68 and its 200-day moving average price is $51.75. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 1.50.

Olin (NYSE:OLN) last announced its quarterly earnings data on Friday, October 27th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $2.18 earnings per share. Olin’s revenue was down 28.0% compared to the same quarter last year. On average, sell-side analysts expect that Olin Co. will post 3.33 earnings per share for the current year.

Olin Announces Dividend

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 paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.80 annualized dividend and a yield of 1.86%. Olin’s dividend payout ratio (DPR) is currently 17.62%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays decreased their price objective on Olin from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, October 30th. Morgan Stanley decreased their price objective on Olin from $50.00 to $38.00 and set an “underweight” rating on the stock in a research report on Monday, October 30th. The Goldman Sachs Group decreased their price objective on Olin from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 31st. StockNews.com assumed coverage on Olin in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. downgraded Olin from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $75.00 to $48.00 in a research report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Olin currently has a consensus rating of “Hold” and a consensus target price of $55.50.

Insider Buying and Selling

In related news, VP Damian Gumpel sold 800 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $55.39, for a total value of $44,312.00. Following the transaction, the vice president now owns 27,651 shares of the company’s stock, valued at $1,531,588.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by insiders.

About Olin

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.