Oarsman Capital Inc. Grows Stake in Olin Co. (NYSE:OLN)

Oarsman Capital Inc. grew its stake in Olin Co. (NYSE:OLN) by 44.7% during the 4th quarter, Holdings Channel reports. The fund owned 37,040 shares of the specialty chemicals company’s stock after acquiring an additional 11,440 shares during the period. Oarsman Capital Inc.’s holdings in Olin were worth $1,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of OLN. Spire Wealth Management lifted its position in Olin by 246.8% during the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 1,150 shares in the last quarter. CoreFirst Bank & Trust bought a new position in Olin during the 4th quarter worth approximately $66,000. Jones Financial Companies Lllp grew its position in shares of Olin by 59.9% during the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock valued at $82,000 after buying an additional 911 shares during the last quarter. Blue Trust Inc. increased its position in Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock worth $98,000 after buying an additional 738 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Olin during the fourth quarter worth approximately $127,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

Wall Street Analyst Weigh In

OLN has been the subject of several research reports. Wells Fargo & Company reduced their price objective on shares of Olin from $31.00 to $25.00 and set an “equal weight” rating for the company in a research report on Tuesday. Truist Financial reduced their price objective on Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research note on Monday, February 3rd. Piper Sandler cut shares of Olin from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $41.00 to $33.00 in a report on Thursday, February 13th. Royal Bank of Canada downgraded Olin from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $45.00 to $30.00 in a report on Tuesday, February 4th. Finally, Citigroup lowered their price objective on Olin from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Olin has a consensus rating of “Hold” and a consensus price target of $36.69.

Insiders Place Their Bets

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the stock in a transaction on Tuesday, February 4th. The shares were acquired at an average cost of $28.06 per share, for a total transaction of $203,435.00. Following the purchase, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

Olin Stock Down 8.9 %

Shares of NYSE:OLN opened at $20.09 on Friday. The business has a fifty day simple moving average of $26.27 and a 200 day simple moving average of $35.50. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The firm has a market cap of $2.31 billion, a P/E ratio of 22.32 and a beta of 1.50. Olin Co. has a 12-month low of $19.34 and a 12-month high of $59.31.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. Analysts predict that Olin Co. will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, March 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 3.98%. Olin’s dividend payout ratio is currently 88.89%.

Olin announced that its Board of Directors has authorized a share buyback program on Thursday, December 12th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is 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.