110,070 Shares in Olin Co. (NYSE:OLN) Bought by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC acquired a new stake in Olin Co. (NYSE:OLN) in the 4th quarter, Holdings Channel reports. The fund acquired 110,070 shares of the specialty chemicals company’s stock, valued at approximately $3,720,000.

Several other hedge funds also recently made changes to their positions in OLN. Blue Trust Inc. boosted its position in shares of Olin by 34.3% in the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock valued at $98,000 after purchasing an additional 738 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Olin by 55.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock valued at $4,835,000 after buying an additional 51,051 shares during the last quarter. KBC Group NV boosted its holdings in shares of Olin by 82.9% in the fourth quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company’s stock valued at $185,000 after acquiring an additional 2,476 shares during the period. Mariner Investment Group LLC purchased a new position in shares of Olin during the fourth quarter worth approximately $355,000. Finally, LPL Financial LLC increased its holdings in shares of Olin by 218.9% in the 4th quarter. LPL Financial LLC now owns 138,477 shares of the specialty chemicals company’s stock valued at $4,681,000 after acquiring an additional 95,054 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on OLN shares. Mizuho set a $23.00 price objective on shares of Olin in a research report on Tuesday. Bank of America raised Olin from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $48.00 to $40.00 in a report on Tuesday, January 14th. Royal Bank of Canada downgraded Olin from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $45.00 to $30.00 in a research note on Tuesday, February 4th. Piper Sandler decreased their price objective on Olin from $33.00 to $26.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Finally, Barclays dropped their target price on Olin from $34.00 to $28.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $33.25.

Insiders Place Their Bets

In other Olin news, CEO Kenneth Todd Lane acquired 7,250 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at approximately $203,435. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is owned by company insiders.

Olin Stock Performance

Shares of OLN opened at $20.83 on Friday. The company has a market capitalization of $2.40 billion, a PE ratio of 23.14 and a beta of 1.50. Olin Co. has a 52-week low of $17.66 and a 52-week high of $57.10. The company has a 50-day simple moving average of $24.17 and a 200-day simple moving average of $33.63. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32.

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

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were issued 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 yield of 3.84%. Olin’s dividend payout ratio is presently 88.89%.

About Olin

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.