CenterBook Partners LP Purchases Shares of 108,993 Olin Corporation $OLN

CenterBook Partners LP purchased a new position in shares of Olin Corporation (NYSE:OLN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 108,993 shares of the specialty chemicals company’s stock, valued at approximately $2,724,000. CenterBook Partners LP owned 0.10% of Olin as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Ilex Capital Partners UK LLP purchased a new stake in Olin in the 2nd quarter valued at about $50,476,000. Norges Bank purchased a new stake in Olin in the second quarter valued at approximately $27,843,000. Qube Research & Technologies Ltd acquired a new position in Olin during the second quarter worth approximately $15,510,000. Prudential Financial Inc. increased its position in Olin by 5,469.7% during the second quarter. Prudential Financial Inc. now owns 588,323 shares of the specialty chemicals company’s stock worth $11,819,000 after purchasing an additional 577,760 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Olin by 48.9% in the 2nd quarter. Bank of America Corp DE now owns 1,589,322 shares of the specialty chemicals company’s stock valued at $31,929,000 after purchasing an additional 521,620 shares during the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Olin news, VP R Nichole Sumner sold 4,750 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $22.49, for a total transaction of $106,827.50. Following the transaction, the vice president directly owned 24,771 shares in the company, valued at $557,099.79. This represents a 16.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Teresa M. Vermillion sold 4,500 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $20.86, for a total transaction of $93,870.00. Following the transaction, the vice president directly owned 17,199 shares of the company’s stock, valued at approximately $358,771.14. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 101,500 shares of company stock worth $2,274,478. Insiders own 1.60% of the company’s stock.

Olin Stock Down 2.6%

Shares of Olin stock opened at $24.27 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.35 and a quick ratio of 0.81. Olin Corporation has a 1-year low of $17.66 and a 1-year high of $27.98. The business has a 50-day moving average of $22.79 and a 200-day moving average of $22.44. The company has a market capitalization of $2.77 billion, a PE ratio of -63.86 and a beta of 1.64.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.58). Olin had a negative return on equity of 0.47% and a negative net margin of 0.63%.The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm earned $0.09 EPS. Olin’s quarterly revenue was down .4% on a year-over-year basis. As a group, equities analysts forecast that Olin Corporation will post 1.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on OLN shares. Citigroup cut their target price on Olin from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 3rd. KeyCorp reduced their price objective on Olin from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. Morgan Stanley dropped their target price on shares of Olin from $20.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. BMO Capital Markets reduced their price target on shares of Olin from $25.00 to $24.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 3rd. Finally, Mizuho raised their target price on shares of Olin from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.20.

Olin Company 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.