Olin (NYSE:OLN) Reaches New 12-Month High – Here’s What Happened

Shares of Olin Corporation (NYSE:OLN) hit a new 52-week high during trading on Wednesday . The company traded as high as $27.79 and last traded at $27.6360, with a volume of 2591361 shares trading hands. The stock had previously closed at $25.26.

Analyst Ratings Changes

A number of research analysts recently weighed in on OLN shares. Citigroup lifted their price objective on shares of Olin from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Olin in a report on Thursday, January 22nd. Wall Street Zen cut Olin from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Truist Financial decreased their price objective on Olin from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, February 2nd. Finally, BMO Capital Markets dropped their price objective on Olin from $25.00 to $24.00 and set a “market perform” rating on the stock in a report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.73.

Olin Stock Up 9.4%

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 stock has a 50-day simple moving average of $24.32 and a two-hundred day simple moving average of $22.95. The firm has a market cap of $3.15 billion, a PE ratio of -72.73 and a beta of 1.56.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.58). The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. Analysts expect that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.80 annualized dividend and a yield of 2.9%. Olin’s dividend payout ratio is currently -210.53%.

Insider Buying and Selling at Olin

In other Olin news, CFO Todd A. Slater sold 92,250 shares of the stock in a transaction that occurred on 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 trade represents a 67.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP R Nichole Sumner sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total transaction of $106,827.50. Following the completion of the sale, the vice president owned 24,771 shares of the company’s stock, valued at approximately $557,099.79. The trade was a 16.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 99,379 shares of company stock worth $2,238,298 over the last ninety days. Insiders own 1.70% of the company’s stock.

Institutional Trading of Olin

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in shares of Olin by 20.2% during the first quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock valued at $2,066,000 after buying an additional 14,344 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Olin in the 1st quarter valued at about $32,000. Jones Financial Companies Lllp lifted its stake in shares of Olin by 467.9% in the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock valued at $335,000 after acquiring an additional 11,374 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Olin by 57.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock valued at $14,268,000 after acquiring an additional 215,235 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Olin by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company’s stock valued at $7,696,000 after acquiring an additional 20,047 shares during the period. 88.67% of the stock is owned by institutional investors.

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.