Verition Fund Management LLC Has $26.14 Million Stock Holdings in Olin Co. (NYSE:OLN)

Verition Fund Management LLC boosted its stake in shares of Olin Co. (NYSE:OLN) by 70.9% in the third quarter, HoldingsChannel reports. The firm owned 544,814 shares of the specialty chemicals company’s stock after purchasing an additional 225,930 shares during the quarter. Verition Fund Management LLC’s holdings in Olin were worth $26,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of OLN. Captrust Financial Advisors grew its position in shares of Olin by 14.4% in the third quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock valued at $240,000 after purchasing an additional 630 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Olin in the 3rd quarter valued at $1,522,000. Bridgewater Associates LP grew its holdings in Olin by 286.3% in the 3rd quarter. Bridgewater Associates LP now owns 55,424 shares of the specialty chemicals company’s stock valued at $2,659,000 after buying an additional 41,078 shares in the last quarter. Larson Financial Group LLC increased its position in Olin by 5.9% during the 3rd quarter. Larson Financial Group LLC now owns 29,709 shares of the specialty chemicals company’s stock worth $1,425,000 after buying an additional 1,659 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Olin by 116.7% during the third quarter. Cerity Partners LLC now owns 115,779 shares of the specialty chemicals company’s stock worth $5,555,000 after buying an additional 62,352 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the sale, the vice president now owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Mizuho began coverage on shares of Olin in a research note on Thursday, August 8th. They issued a “neutral” rating and a $45.00 price target on the stock. Piper Sandler decreased their target price 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. BMO Capital Markets lowered their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Barclays cut their price target on Olin from $49.00 to $45.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Finally, Wells Fargo & Company lowered their price objective on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Olin presently has an average rating of “Hold” and a consensus target price of $51.86.

Olin Stock Performance

Olin stock opened at $42.70 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The stock has a market cap of $4.98 billion, a PE ratio of 34.44, a P/E/G ratio of 1.73 and a beta of 1.43. Olin Co. has a 12-month low of $39.47 and a 12-month high of $60.60. The business’s 50-day moving average price is $44.44 and its two-hundred day moving average price is $46.20.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, November 14th. Olin’s dividend payout ratio is 64.52%.

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.