Amitell Capital Pte Ltd Purchases New Shares in Olin Corporation $OLN

Amitell Capital Pte Ltd acquired a new position in Olin Corporation (NYSE:OLN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 154,731 shares of the specialty chemicals company’s stock, valued at approximately $3,867,000. Olin comprises about 2.4% of Amitell Capital Pte Ltd’s holdings, making the stock its 15th largest holding. Amitell Capital Pte Ltd owned about 0.14% of Olin at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Olin in the first quarter valued at approximately $32,000. Bessemer Group Inc. boosted its stake in Olin by 712.7% during the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock worth $34,000 after buying an additional 1,176 shares during the last quarter. Evelyn Partners Investment Management LLP boosted its stake in Olin by 6,360.0% during the second quarter. Evelyn Partners Investment Management LLP now owns 1,615 shares of the specialty chemicals company’s stock worth $32,000 after buying an additional 1,590 shares during the last quarter. SJS Investment Consulting Inc. purchased a new stake in Olin in the 3rd quarter valued at $49,000. Finally, HHM Wealth Advisors LLC grew its holdings in Olin by 30.5% in the 2nd quarter. HHM Wealth Advisors LLC now owns 4,126 shares of the specialty chemicals company’s stock valued at $83,000 after buying an additional 965 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Todd A. Slater sold 92,250 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the transaction, the chief financial officer directly owned 44,291 shares in the company, valued at $995,661.68. This represents a 67.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP R Nichole Sumner sold 4,750 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total value of $106,827.50. Following the sale, the vice president owned 24,771 shares of the company’s stock, valued at $557,099.79. This represents a 16.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 99,379 shares of company stock worth $2,238,298. 1.60% of the stock is owned by corporate insiders.

Olin Price Performance

Shares of NYSE:OLN opened at $24.02 on Thursday. Olin Corporation has a 12 month low of $17.66 and a 12 month high of $27.35. The firm has a market capitalization of $2.73 billion, a P/E ratio of -63.22 and a beta of 1.64. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 0.81. The company’s fifty day moving average price is $23.03 and its 200 day moving average price is $22.61.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, hitting the consensus estimate of ($0.58). Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts predict that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.80 annualized dividend and a yield of 3.3%. Olin’s payout ratio is currently -210.53%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on OLN shares. Zacks Research downgraded shares of Olin from a “hold” rating to a “strong sell” rating in a report on Thursday, January 29th. Truist Financial cut their target price on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, February 2nd. Citigroup decreased their price target on Olin from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 3rd. Royal Bank Of Canada cut their price objective on Olin from $24.00 to $21.00 and set a “sector perform” rating for the company in a research report on Monday, February 2nd. Finally, UBS Group set a $21.00 price objective on shares of Olin in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $23.20.

Olin Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.