AlphaQuest LLC Trims Stake in Olin Corporation $OLN

0
4

[ad_1]

AlphaQuest LLC trimmed its holdings in shares of Olin Corporation (NYSE:OLNFree Report) by 77.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,510 shares of the specialty chemicals company’s stock after selling 15,083 shares during the quarter. AlphaQuest LLC’s holdings in Olin were worth $109,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in Olin by 160.5% during the first quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Olin in the 1st quarter worth about $31,000. Allworth Financial LP boosted its holdings in shares of Olin by 188.5% in the 1st quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company’s stock worth $37,000 after purchasing an additional 1,095 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Olin by 183.8% in the 1st quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company’s stock worth $63,000 after purchasing an additional 1,713 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Olin in the 1st quarter worth about $88,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on OLN shares. JPMorgan Chase & Co. cut their price objective on Olin from $28.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company cut their price objective on Olin from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, July 30th. Wall Street Zen upgraded Olin from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Morgan Stanley cut their price objective on Olin from $28.00 to $20.00 and set an “underweight” rating for the company in a report on Monday, May 12th. Finally, The Goldman Sachs Group lowered their target price on Olin from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Olin has an average rating of “Hold” and an average price target of $25.57.

Want More Great Investing Ideas?

View Our Latest Research Report on OLN

Olin Trading Up 3.5%

NYSE OLN opened at $23.67 on Tuesday. Olin Corporation has a 1-year low of $17.66 and a 1-year high of $49.60. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 1.50. The stock has a 50-day moving average of $21.04 and a 200-day moving average of $21.83. The firm has a market cap of $2.71 billion, a PE ratio of -197.23 and a beta of 1.61.

Olin (NYSE:OLNGet Free Report) last released its quarterly earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.68 billion. Olin had a negative net margin of 0.21% and a negative return on equity of 0.13%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. As a group, sell-side analysts forecast that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. Olin’s dividend payout ratio is presently -666.67%.

Insider Buying and Selling

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total transaction of $126,660.00. Following the completion of the transaction, the vice president owned 17,199 shares of the company’s stock, valued at $363,070.89. This represents a 25.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.70% of the stock is owned by insiders.

Olin Company Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding OLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olin Corporation (NYSE:OLNFree Report).

Institutional Ownership by Quarter for Olin (NYSE:OLN)



Receive News & Ratings for Olin Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Olin and related companies with MarketBeat.com’s FREE daily email newsletter.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here