Profund Advisors LLC raised its position in shares of Olin Co. (NYSE:OLN) by 36.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,078 shares of the specialty chemicals company’s stock after purchasing an additional 8,510 shares during the period. Profund Advisors LLC’s holdings in Olin were worth $1,141,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of OLN. Kensico Capital Management Corp raised its position in Olin by 43.3% during the 3rd quarter. Kensico Capital Management Corp now owns 7,800,000 shares of the specialty chemicals company’s stock valued at $267,150,000 after purchasing an additional 2,355,000 shares in the last quarter. Jennison Associates LLC raised its position in Olin by 7,869.7% during the 3rd quarter. Jennison Associates LLC now owns 1,992,417 shares of the specialty chemicals company’s stock valued at $68,240,000 after purchasing an additional 1,967,417 shares in the last quarter. BlackRock Inc. raised its position in Olin by 5.3% during the 4th quarter. BlackRock Inc. now owns 16,689,125 shares of the specialty chemicals company’s stock valued at $593,800,000 after purchasing an additional 842,715 shares in the last quarter. Iridian Asset Management LLC CT increased its holdings in shares of Olin by 5.3% in the 4th quarter. Iridian Asset Management LLC CT now owns 7,760,477 shares of the specialty chemicals company’s stock valued at $276,118,000 after acquiring an additional 390,184 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of Olin by 1,116.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 381,729 shares of the specialty chemicals company’s stock valued at $13,074,000 after acquiring an additional 350,349 shares during the period. 89.09% of the stock is owned by institutional investors and hedge funds.
In other Olin news, Director Randall W. Larrimore bought 800 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were purchased at an average cost of $31.28 per share, for a total transaction of $25,024.00. Following the purchase, the director now directly owns 6,500 shares in the company, valued at $203,320. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Donald W. Bogus bought 6,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average price of $33.07 per share, for a total transaction of $198,420.00. Following the completion of the purchase, the director now owns 83,118 shares in the company, valued at $2,748,712.26. The disclosure for this purchase can be found here. 1.70% of the stock is owned by insiders.
Olin (NYSE:OLN) last announced its earnings results on Tuesday, February 6th. The specialty chemicals company reported $2.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $2.45. Olin had a return on equity of 6.02% and a net margin of 8.77%. The firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business earned $0.11 EPS. The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. sell-side analysts anticipate that Olin Co. will post 2.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 9th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, February 8th. This represents a $0.80 annualized dividend and a yield of 2.44%. Olin’s dividend payout ratio (DPR) is 24.69%.
A number of brokerages have recently issued reports on OLN. Morgan Stanley began coverage on Olin in a report on Tuesday, January 9th. They issued an “overweight” rating and a $45.00 price target on the stock. Zacks Investment Research upgraded Olin from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, January 12th. Vertical Research upgraded Olin from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Royal Bank of Canada reiterated a “buy” rating and issued a $42.00 price target on shares of Olin in a report on Thursday, December 14th. Finally, ValuEngine upgraded Olin from a “sell” rating to a “hold” rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $39.45.
TRADEMARK VIOLATION NOTICE: This story was first reported by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this story on another domain, it was illegally copied and reposted in violation of US and international trademark and copyright legislation. The correct version of this story can be accessed at https://sportsperspectives.com/2018/03/14/olin-co-oln-shares-bought-by-profund-advisors-llc.html.
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.
Want to see what other hedge funds are holding OLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olin Co. (NYSE:OLN).
Receive News & Ratings for Olin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olin and related companies with MarketBeat.com's FREE daily email newsletter.