Fifth Third Bancorp Grows Stock Position in Olin Corporation $OLN

Fifth Third Bancorp raised its position in shares of Olin Corporation (NYSE:OLN) by 9,748.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 100,847 shares of the specialty chemicals company’s stock after acquiring an additional 99,823 shares during the period. Fifth Third Bancorp owned approximately 0.09% of Olin worth $2,998,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in OLN. Royal Bank of Canada lifted its stake in shares of Olin by 20.2% during the 1st quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock worth $2,066,000 after acquiring an additional 14,344 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Olin in the first quarter worth $32,000. Jones Financial Companies Lllp lifted its position in shares of Olin by 467.9% during the first quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock worth $335,000 after purchasing an additional 11,374 shares during the last quarter. Goldman Sachs Group Inc. lifted 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 buying an additional 215,235 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Olin by 6.7% in 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 buying an additional 20,047 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on OLN shares. Wall Street Zen downgraded shares of Olin from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Royal Bank Of Canada set a $30.00 price objective on Olin and gave the stock a “sector perform” rating in a research note on Friday, April 10th. The Goldman Sachs Group reduced their price objective on Olin from $31.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup lowered Olin from a “neutral” rating to an “underperform” rating in a research report on Tuesday, June 30th. Finally, Mizuho lowered their target price on Olin from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $26.46.

Olin Stock Up 1.0%

Olin stock opened at $22.21 on Tuesday. The business has a fifty day moving average of $23.55 and a two-hundred day moving average of $24.74. The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73. The firm has a market cap of $2.53 billion, a P/E ratio of -19.83 and a beta of 1.21. Olin Corporation has a twelve month low of $18.08 and a twelve month high of $30.46.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, May 14th. Olin’s payout ratio is currently -71.43%.

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.