Comerica Bank trimmed its position in Olin Corporation (NYSE:OLN) by 10.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 757,856 shares of the specialty chemicals company’s stock after selling 88,319 shares during the quarter. Comerica Bank owned 0.46% of Olin Corporation worth $27,078,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Olin Corporation by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 14,685,258 shares of the specialty chemicals company’s stock worth $444,670,000 after buying an additional 274,853 shares during the period. Balyasny Asset Management LLC lifted its stake in shares of Olin Corporation by 2.1% during the 2nd quarter. Balyasny Asset Management LLC now owns 8,085,969 shares of the specialty chemicals company’s stock worth $244,843,000 after purchasing an additional 165,655 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in shares of Olin Corporation by 5.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 8,039,915 shares of the specialty chemicals company’s stock worth $243,449,000 after purchasing an additional 386,791 shares during the last quarter. Iridian Asset Management LLC CT lifted its stake in shares of Olin Corporation by 28.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 7,098,169 shares of the specialty chemicals company’s stock worth $214,933,000 after purchasing an additional 1,553,430 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Olin Corporation by 2.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,257,411 shares of the specialty chemicals company’s stock worth $98,635,000 after purchasing an additional 80,641 shares during the last quarter. Institutional investors and hedge funds own 93.79% of the company’s stock.
Olin Corporation (NYSE OLN) remained flat at $$36.54 during trading on Tuesday. 1,069,100 shares of the stock were exchanged, compared to its average volume of 2,159,464. The company has a quick ratio of 1.03, a current ratio of 1.72 and a debt-to-equity ratio of 1.59. Olin Corporation has a fifty-two week low of $24.17 and a fifty-two week high of $37.52. The company has a market capitalization of $6,081.97, a PE ratio of 45.11, a PEG ratio of 4.19 and a beta of 1.41.
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Olin Corporation (NYSE:OLN) last released its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.04). Olin Corporation had a net margin of 1.29% and a return on equity of 6.05%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business posted $0.11 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. equities analysts expect that Olin Corporation will post 0.9 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Thursday, November 9th. Olin Corporation’s dividend payout ratio (DPR) is presently 177.78%.
In other news, VP Dolores J. Ennico sold 15,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total value of $552,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman John E. Fischer sold 37,583 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $36.80, for a total value of $1,383,054.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,583 shares of company stock valued at $2,295,054. 2.90% of the stock is currently owned by company insiders.
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OLN has been the subject of a number of analyst reports. TheStreet upgraded Olin Corporation from a “c+” rating to a “b” rating in a research note on Tuesday, October 31st. SunTrust Banks, Inc. restated a “buy” rating and set a $46.00 price objective on shares of Olin Corporation in a research note on Monday, November 6th. Cowen and Company set a $39.00 price objective on Olin Corporation and gave the stock a “buy” rating in a research note on Friday, July 28th. Citigroup Inc. initiated coverage on Olin Corporation in a research note on Wednesday, September 27th. They set a “buy” rating and a $39.00 price objective for the company. Finally, BidaskClub upgraded Olin Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Olin Corporation has an average rating of “Buy” and an average target price of $37.13.
Olin Corporation Profile
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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