Headlands Technologies LLC Buys New Shares in Olin Co. (NYSE:OLN)

Headlands Technologies LLC purchased a new stake in Olin Co. (NYSE:OLN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,746 shares of the specialty chemicals company’s stock, valued at approximately $127,000.

Several other hedge funds have also bought and sold shares of OLN. Spire Wealth Management increased its holdings in shares of Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after purchasing an additional 1,150 shares during the last quarter. CoreFirst Bank & Trust acquired a new position in Olin in the 4th quarter valued at about $66,000. Jones Financial Companies Lllp raised its holdings in Olin by 59.9% in the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock valued at $82,000 after acquiring an additional 911 shares during the period. Blue Trust Inc. lifted its position in Olin by 34.3% during the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock worth $98,000 after acquiring an additional 738 shares during the last quarter. Finally, Crews Bank & Trust bought a new stake in shares of Olin during the fourth quarter worth approximately $153,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OLN. Royal Bank of Canada cut Olin from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $30.00 in a report on Tuesday, February 4th. KeyCorp decreased their price target on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Truist Financial dropped their price objective on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company decreased their target price on shares of Olin from $31.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 1st. Finally, Barclays dropped their price target on shares of Olin from $34.00 to $28.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and an average price target of $36.69.

Olin Stock Down 8.9 %

OLN stock opened at $20.09 on Friday. The stock has a market capitalization of $2.31 billion, a P/E ratio of 22.32 and a beta of 1.50. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The firm has a 50-day moving average price of $26.27 and a 200-day moving average price of $35.45. Olin Co. has a 12 month low of $19.34 and a 12 month high of $59.31.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. As a group, equities research analysts anticipate that Olin Co. will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, March 6th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $0.80 annualized dividend and a yield of 3.98%. Olin’s dividend payout ratio is presently 88.89%.

Olin declared that its board has initiated a stock buyback plan on Thursday, December 12th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Olin news, CEO Kenneth Todd Lane acquired 7,250 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the acquisition, the chief executive officer now directly owns 7,250 shares in the company, valued at $203,435. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

Olin Company Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.