Denver PWM LLC Takes $59,000 Position in Olin Co. (NYSE:OLN)

Denver PWM LLC bought a new position in shares of Olin Co. (NYSE:OLN) during the 2nd quarter, HoldingsChannel reports. The firm bought 1,255 shares of the specialty chemicals company’s stock, valued at approximately $59,000.

Other hedge funds also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in shares of Olin during the first quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its position in Olin by 4,375.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock worth $32,000 after purchasing an additional 525 shares during the last quarter. nVerses Capital LLC acquired a new position in Olin during the 2nd quarter valued at approximately $33,000. Fifth Third Bancorp raised its holdings in shares of Olin by 30.0% in the first quarter. Fifth Third Bancorp now owns 858 shares of the specialty chemicals company’s stock worth $50,000 after buying an additional 198 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of Olin during the fourth quarter worth $50,000. 88.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research reports. Bank of America downgraded Olin from a “buy” rating to a “neutral” rating and cut their target price for the company from $62.00 to $51.00 in a research report on Monday, July 29th. JPMorgan Chase & Co. raised Olin from a “neutral” rating to an “overweight” rating and set a $55.00 price objective on the stock in a report on Monday, July 29th. Wells Fargo & Company decreased their target price on Olin from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Monday, July 29th. Piper Sandler cut their price target on shares of Olin from $75.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. Finally, Royal Bank of Canada decreased their price objective on shares of Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $52.73.

Olin Stock Down 0.8 %

OLN opened at $42.31 on Friday. The company has a fifty day moving average of $44.84 and a two-hundred day moving average of $50.97. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 0.95 and a beta of 1.41. Olin Co. has a fifty-two week low of $40.26 and a fifty-two week high of $60.60. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 1.43.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.08). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Olin had a return on equity of 11.73% and a net margin of 4.26%. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.13 EPS. On average, research analysts expect that Olin Co. will post 1.61 earnings per share for the current year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 8th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, August 8th. Olin’s payout ratio is 28.78%.

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.