Jennison Associates LLC boosted its position in Olin Corporation (NYSE:OLN) by 7,869.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,992,417 shares of the specialty chemicals company’s stock after purchasing an additional 1,967,417 shares during the quarter. Jennison Associates LLC owned about 1.20% of Olin Corporation worth $68,240,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in Olin Corporation by 8.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,060,870 shares of the specialty chemicals company’s stock valued at $36,335,000 after purchasing an additional 82,355 shares during the last quarter. Boston Partners raised its stake in Olin Corporation by 2.2% in the 3rd quarter. Boston Partners now owns 646,387 shares of the specialty chemicals company’s stock valued at $22,139,000 after purchasing an additional 14,197 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new position in Olin Corporation in the 3rd quarter valued at $10,421,000. Canada Pension Plan Investment Board raised its stake in Olin Corporation by 17.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 562,217 shares of the specialty chemicals company’s stock valued at $19,256,000 after purchasing an additional 82,900 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Olin Corporation in the 3rd quarter worth $457,000. 93.79% of the stock is owned by hedge funds and other institutional investors.
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In other news, Director C Robert Bunch sold 10,000 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $36.00, for a total transaction of $360,000.00. Following the completion of the transaction, the director now directly owns 3,860 shares in the company, valued at approximately $138,960. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman John E. Fischer sold 37,583 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total value of $1,383,054.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,583 shares of company stock valued at $2,295,054. Company insiders own 2.90% of the company’s stock.
OLN has been the subject of a number of recent research reports. BidaskClub downgraded Olin Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Cowen and Company reaffirmed an “outperform” rating and issued a $42.00 target price (up from $39.00) on shares of Olin Corporation in a research note on Tuesday, October 10th. Zacks Investment Research raised Olin Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Citigroup Inc. initiated coverage on Olin Corporation in a research note on Wednesday, September 27th. They issued a “buy” rating and a $39.00 target price for the company. Finally, TheStreet raised Olin Corporation from a “c+” rating to a “b” rating in a research note on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Olin Corporation presently has an average rating of “Buy” and a consensus target price of $37.13.
Olin Corporation (NYSE OLN) opened at $36.54 on Tuesday. The firm has a market capitalization of $6,081.97, a price-to-earnings ratio of 45.11, a PEG ratio of 4.19 and a beta of 1.41. The company has a current ratio of 1.72, a quick ratio of 1.03 and a debt-to-equity ratio of 1.59. Olin Corporation has a twelve month low of $24.17 and a twelve month high of $37.52.
Olin Corporation (NYSE:OLN) last released its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.04). The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Olin Corporation had a return on equity of 6.05% and a net margin of 1.29%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.11 earnings per share. research analysts predict that Olin Corporation will post 0.9 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Thursday, November 9th. Olin Corporation’s dividend payout ratio is presently 177.78%.
Olin Corporation Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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