Olin Co. (NYSE:OLN) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its stake in Olin Co. (NYSE:OLN) by 6.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 42,592 shares of the specialty chemicals company’s stock after selling 2,937 shares during the period. Public Employees Retirement System of Ohio’s holdings in Olin were worth $2,044,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. XTX Topco Ltd grew its holdings in Olin by 154.9% in the 3rd quarter. XTX Topco Ltd now owns 51,991 shares of the specialty chemicals company’s stock valued at $2,495,000 after buying an additional 31,591 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Olin by 8,678.3% in the third quarter. National Bank of Canada FI now owns 62,677 shares of the specialty chemicals company’s stock valued at $3,007,000 after purchasing an additional 61,963 shares during the period. Weiss Asset Management LP acquired a new stake in Olin during the third quarter worth about $5,505,000. Polar Asset Management Partners Inc. purchased a new position in Olin during the third quarter worth about $2,711,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Olin by 1,052.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 53,296 shares of the specialty chemicals company’s stock valued at $2,557,000 after purchasing an additional 48,671 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Wall Street Analyst Weigh In

OLN has been the subject of a number of recent analyst reports. Piper Sandler reduced their price target on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Barclays lowered their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Citigroup reduced their price objective on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday. Finally, BMO Capital Markets lowered their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.14.

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.

Olin Stock Up 0.4 %

Olin stock opened at $35.47 on Wednesday. The firm has a market capitalization of $4.14 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.51 and a beta of 1.43. The stock’s fifty day simple moving average is $42.61 and its 200-day simple moving average is $44.70. Olin Co. has a twelve month low of $34.85 and a twelve month high of $60.60. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Thursday, November 14th. Olin’s payout ratio is presently 64.52%.

Olin announced that its Board of Directors has initiated a share buyback program on Thursday, December 12th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Olin 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.