Olin Corporation (NYSE:OLN) Shares Sold by Arizona State Retirement System

Arizona State Retirement System cut its position in Olin Corporation (NYSE:OLN) by 2.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,445 shares of the specialty chemicals company’s stock after selling 668 shares during the quarter. Arizona State Retirement System’s holdings in Olin were worth $811,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of OLN. Fifth Third Bancorp grew its stake in shares of Olin by 160.5% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Olin in the first quarter valued at $31,000. Allworth Financial LP grew its stake in shares of Olin by 188.5% in the first quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company’s stock valued at $37,000 after buying an additional 1,095 shares in the last quarter. Covestor Ltd grew its stake in shares of Olin by 45.8% in the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 419 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Olin by 183.8% in the first quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company’s stock valued at $63,000 after buying an additional 1,713 shares in the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

Olin Trading Down 2.3%

NYSE:OLN opened at $20.40 on Monday. The stock has a 50-day simple moving average of $20.68 and a 200-day simple moving average of $24.03. The stock has a market cap of $2.35 billion, a P/E ratio of 40.00 and a beta of 1.52. Olin Corporation has a 1 year low of $17.66 and a 1 year high of $49.60. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.96 and a current ratio of 1.56.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.14. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Olin had a return on equity of 3.13% and a net margin of 0.94%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. As a group, analysts anticipate that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, May 15th. This represents a $0.80 annualized dividend and a dividend yield of 3.92%. Olin’s dividend payout ratio is currently 156.86%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OLN. Mizuho dropped their price objective on Olin from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Morgan Stanley dropped their price objective on Olin from $28.00 to $20.00 and set an “underweight” rating for the company in a research note on Monday, May 12th. Piper Sandler lowered their target price on Olin from $33.00 to $26.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. KeyCorp lowered their target price on Olin from $34.00 to $32.00 and set an “overweight” rating for the company in a research note on Monday, July 14th. Finally, UBS Group boosted their target price on Olin from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.33.

Olin 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.