Choreo LLC Acquires New Position in Olin Corporation $OLN

Choreo LLC acquired 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 & Exchange Commission. The fund acquired 29,054 shares of the specialty chemicals company’s stock, valued at approximately $726,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Amitell Capital Pte Ltd purchased a new stake in shares of Olin during the 3rd quarter worth approximately $3,867,000. US Bancorp DE boosted its position in Olin by 19.0% during the third quarter. US Bancorp DE now owns 13,906 shares of the specialty chemicals company’s stock worth $348,000 after purchasing an additional 2,218 shares in the last quarter. O Brien Greene & Co. Inc acquired a new stake in Olin in the third quarter valued at $1,489,000. Citigroup Inc. increased its position in shares of Olin by 12.5% in the third quarter. Citigroup Inc. now owns 137,065 shares of the specialty chemicals company’s stock valued at $3,425,000 after buying an additional 15,237 shares in the last quarter. Finally, AMG National Trust Bank purchased a new position in shares of Olin in the third quarter valued at $1,819,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on OLN shares. Mizuho increased their price objective on shares of Olin from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, February 17th. Citigroup lowered their price target on shares of Olin from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 3rd. Truist Financial dropped their price objective on shares of Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, February 2nd. 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 target price on Olin in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.20.

Olin Trading Down 4.3%

Shares of Olin stock opened at $24.33 on Wednesday. Olin Corporation has a fifty-two week low of $17.66 and a fifty-two week high of $27.35. The business’s fifty day moving average is $23.37 and its two-hundred day moving average is $22.74. The company has a quick ratio of 0.73, a current ratio of 1.21 and a debt-to-equity ratio of 1.45. The firm has a market cap of $2.76 billion, a PE ratio of -64.03 and a beta of 1.56.

Olin (NYSE:OLN) last released its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, meeting the consensus estimate of ($0.58). Olin had a negative return on equity of 0.48% 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 period in the prior year, the firm posted $0.09 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. Analysts anticipate that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Announces Dividend

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

Insider Activity at Olin

In related news, VP Angela M. Castle sold 2,379 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total transaction of $57,690.75. Following the completion of the transaction, the vice president owned 1,528 shares of the company’s stock, valued at approximately $37,054. This represents a 60.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP R Nichole Sumner sold 4,750 shares of Olin 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 completion of the transaction, the vice president owned 24,771 shares in the company, valued at approximately $557,099.79. This trade represents a 16.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 99,379 shares of company stock worth $2,238,298. 1.70% of the stock is owned by company insiders.

About Olin

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.