Pzena Investment Management LLC Decreases Holdings in Olin Corporation $OLN

Pzena Investment Management LLC reduced its stake in Olin Corporation (NYSE:OLN) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,431,613 shares of the specialty chemicals company’s stock after selling 76,300 shares during the period. Pzena Investment Management LLC owned approximately 3.89% of Olin worth $131,752,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Strategic Advocates LLC purchased a new stake in shares of Olin during the 3rd quarter valued at about $25,000. Rockefeller Capital Management L.P. grew its holdings in Olin by 115.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Olin during the 1st quarter valued at $32,000. Allworth Financial LP increased its stake in Olin by 114.0% during the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 927 shares during the period. Finally, UMB Bank n.a. increased its stake in Olin by 34.0% during the 4th quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock worth $54,000 after buying an additional 659 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Stock Down 1.4%

NYSE:OLN opened at $19.55 on Thursday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.82 and a current ratio of 1.36. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -17.45 and a beta of 1.21. Olin Corporation has a one year low of $18.08 and a one year high of $30.46. The stock has a 50-day simple moving average of $25.21 and a 200 day simple moving average of $24.72.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.80 annualized dividend and a yield of 4.1%. Olin’s dividend payout ratio (DPR) is -71.43%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OLN. The Goldman Sachs Group upped their price objective on shares of Olin from $22.00 to $31.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. UBS Group boosted their price target on Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Wells Fargo & Company reissued an “overweight” rating and issued a $37.00 price target on shares of Olin in a report on Sunday, May 10th. Bank of America lowered Olin from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $32.00 to $21.00 in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on Olin from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $27.08.

Olin Company 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.