Readystate Asset Management LP Buys New Holdings in Olin Corporation $OLN

Readystate Asset Management LP purchased a new position in Olin Corporation (NYSE:OLN) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 350,842 shares of the specialty chemicals company’s stock, valued at approximately $10,431,000.

Other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in shares of Olin by 20.2% in the first quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock worth $2,066,000 after buying an additional 14,344 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Olin during the first quarter valued at $32,000. Jones Financial Companies Lllp increased its holdings in Olin by 467.9% in the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock valued at $335,000 after acquiring an additional 11,374 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Olin by 57.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock valued at $14,268,000 after acquiring an additional 215,235 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Olin by 6.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company’s stock worth $7,696,000 after purchasing an additional 20,047 shares in the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Stock Performance

NYSE:OLN opened at $21.38 on Wednesday. The firm has a market capitalization of $2.43 billion, a PE ratio of -19.09 and a beta of 1.21. The stock’s fifty day moving average is $23.03 and its 200 day moving average is $24.81. Olin Corporation has a fifty-two week low of $18.08 and a fifty-two week high of $30.46. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.82 and a current ratio of 1.36.

Analyst Upgrades and Downgrades

Several research analysts have commented on OLN shares. The Goldman Sachs Group dropped their price objective on shares of Olin from $31.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. UBS Group boosted their target price on Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Wells Fargo & Company restated an “overweight” rating and set a $37.00 price target on shares of Olin in a report on Sunday, May 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. Finally, Bank of America lowered shares of Olin from a “buy” rating to an “underperform” rating and cut their target price for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $26.46.

Olin 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.