Wells Fargo & Company MN increased its stake in shares of Olin Co. (NYSE:OLN) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 507,046 shares of the specialty chemicals company’s stock after buying an additional 9,272 shares during the quarter. Wells Fargo & Company MN owned 0.30% of Olin worth $17,366,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Cadence Capital Management LLC bought a new stake in Olin during the third quarter worth $663,000. Legal & General Group Plc grew its holdings in Olin by 10.4% during the third quarter. Legal & General Group Plc now owns 204,779 shares of the specialty chemicals company’s stock worth $7,014,000 after buying an additional 19,251 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in Olin by 2.0% during the third quarter. Great West Life Assurance Co. Can now owns 119,850 shares of the specialty chemicals company’s stock worth $4,130,000 after buying an additional 2,404 shares in the last quarter. Nordea Investment Management AB grew its holdings in Olin by 9.6% during the third quarter. Nordea Investment Management AB now owns 70,052 shares of the specialty chemicals company’s stock worth $2,399,000 after buying an additional 6,145 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in Olin by 1,116.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 381,729 shares of the specialty chemicals company’s stock worth $13,074,000 after buying an additional 350,349 shares in the last quarter. Institutional investors and hedge funds own 89.68% of the company’s stock.
In other news, VP Dolores J. Ennico sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total transaction of $552,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John L. Mcintosh sold 9,500 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $35.42, for a total value of $336,490.00. The disclosure for this sale can be found here. Insiders have sold a total of 75,083 shares of company stock worth $2,741,284 in the last ninety days. Insiders own 2.90% of the company’s stock.
Olin (NYSE:OLN) last announced its quarterly earnings data on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.04). The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.58 billion. Olin had a net margin of 1.29% and a return on equity of 6.05%. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.11 EPS. equities research analysts expect that Olin Co. will post 0.93 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, November 10th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 9th. This represents a $0.80 dividend on an annualized basis and a yield of 2.35%. Olin’s dividend payout ratio (DPR) is presently 177.78%.
Several equities research analysts recently issued reports on OLN shares. Zacks Investment Research upgraded Olin from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. SunTrust Banks restated a “buy” rating and issued a $46.00 price objective on shares of Olin in a research note on Monday, November 6th. TheStreet upgraded Olin from a “c+” rating to a “b” rating in a research note on Tuesday, October 31st. Cowen restated an “outperform” rating and issued a $42.00 price objective (up previously from $39.00) on shares of Olin in a research note on Tuesday, October 10th. Finally, Citigroup assumed coverage on Olin in a research note on Wednesday, September 27th. They issued a “buy” rating and a $39.00 price objective for the company. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $38.00.
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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