LPL Financial LLC Acquires 60,246 Shares of Olin Corporation (NYSE:OLN)

LPL Financial LLC grew its holdings in Olin Corporation (NYSE:OLN) by 43.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,723 shares of the specialty chemicals company’s stock after purchasing an additional 60,246 shares during the period. LPL Financial LLC owned about 0.17% of Olin worth $4,817,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Fifth Third Bancorp grew its holdings 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 worth $29,000 after acquiring an additional 743 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Olin in the first quarter worth $31,000. Allworth Financial LP grew its holdings 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 worth $37,000 after acquiring an additional 1,095 shares during the period. Covestor Ltd grew its holdings 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 worth $45,000 after acquiring an additional 419 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings 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 worth $63,000 after acquiring an additional 1,713 shares during the period. Institutional investors own 88.67% of the company’s stock.

Olin Trading Up 8.3%

Shares of NYSE OLN opened at $21.38 on Thursday. The business’s 50 day moving average is $20.50 and its two-hundred day moving average is $22.55. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.48 and a quick ratio of 0.88. Olin Corporation has a 1-year low of $17.66 and a 1-year high of $49.60. The stock has a market capitalization of $2.45 billion, a P/E ratio of -178.17 and a beta of 1.55.

Olin (NYSE:OLN) last announced its earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Olin had a negative net margin of 0.21% and a negative return on equity of 0.13%. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the firm earned $0.62 EPS. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, research analysts expect that Olin Corporation will post 1.38 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays cut their price objective on Olin from $28.00 to $24.00 and set an “equal weight” rating for the company in a report on Wednesday, May 28th. Mizuho cut their price objective on Olin from $24.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, July 29th. Citigroup cut their price objective on Olin from $26.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, July 8th. The Goldman Sachs Group lowered their target price on Olin from $33.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 6th. Finally, Wall Street Zen upgraded Olin from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. One analyst has 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, the stock currently has a consensus rating of “Hold” and an average price target of $25.57.

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.