M&T Bank Corp Boosts Stock Position in Olin Corporation (NYSE:OLN)

M&T Bank Corp boosted its stake in shares of Olin Corporation (NYSE:OLN) by 75.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,118 shares of the specialty chemicals company’s stock after buying an additional 6,071 shares during the quarter. M&T Bank Corp’s holdings in Olin were worth $342,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its position in shares of Olin by 160.5% during the first quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 743 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Olin during the 1st quarter worth approximately $31,000. Covestor Ltd lifted its position in Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 419 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Olin by 183.8% during the first quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company’s stock worth $63,000 after purchasing an additional 1,713 shares during the period. Finally, CoreFirst Bank & Trust purchased a new position in Olin during the 4th quarter worth approximately $66,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on OLN shares. Mizuho decreased their price target on Olin from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Tuesday. Morgan Stanley dropped their target price on shares of Olin from $28.00 to $20.00 and set an “underweight” rating for the company in a report on Monday, May 12th. KeyCorp dropped their price target on Olin from $34.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday. Royal Bank Of Canada lowered their price target on shares of Olin from $25.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 3rd. Finally, Citigroup cut their price target on shares of Olin from $26.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, July 8th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Olin presently has a consensus rating of “Hold” and a consensus price target of $27.33.

Olin Trading Up 2.2%

OLN opened at $20.89 on Friday. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 40.96 and a beta of 1.52. Olin Corporation has a 52 week low of $17.66 and a 52 week high of $50.61. The business’s 50 day moving average is $20.71 and its two-hundred day moving average is $24.34. The company has a quick ratio of 0.96, a current ratio of 1.56 and a debt-to-equity ratio of 1.48.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, May 1st. The specialty chemicals company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.14. Olin had a net margin of 0.94% and a return on equity of 3.13%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business posted $0.40 earnings per share. Olin’s quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts predict that Olin Corporation will post 1.38 EPS for the current year.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.80 dividend on an annualized basis and a yield of 3.83%. Olin’s payout ratio is currently 156.86%.

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.