Covestor Ltd Has $44,000 Stake in Olin Co. (NYSE:OLN)

Covestor Ltd boosted its stake in Olin Co. (NYSE:OLN) by 357.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 915 shares of the specialty chemicals company’s stock after buying an additional 715 shares during the quarter. Covestor Ltd’s holdings in Olin were worth $44,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. State Board of Administration of Florida Retirement System grew its stake in shares of Olin by 3.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 148,429 shares of the specialty chemicals company’s stock worth $8,238,000 after acquiring an additional 5,391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Olin by 7.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,677 shares of the specialty chemicals company’s stock valued at $745,000 after buying an additional 906 shares in the last quarter. Kingsview Wealth Management LLC purchased a new position in shares of Olin during the 1st quarter valued at about $409,000. Chesapeake Capital Corp IL purchased a new position in shares of Olin during the 1st quarter valued at about $259,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in Olin by 146.6% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 16,036 shares of the specialty chemicals company’s stock worth $957,000 after acquiring an additional 9,533 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OLN. Royal Bank of Canada cut their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Barclays lowered their price objective 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. Deutsche Bank Aktiengesellschaft decreased their price target on Olin from $57.00 to $48.00 and set a “hold” rating for the company in a research note on Monday, July 29th. BMO Capital Markets cut their price target on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised Olin from a “neutral” rating to an “overweight” rating and set a $55.00 price objective for the company in a research note on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.86.

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

Olin Trading Down 1.1 %

Shares of OLN stock opened at $41.37 on Friday. Olin Co. has a 1 year low of $39.47 and a 1 year high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The stock’s 50 day simple moving average is $44.50 and its two-hundred day simple moving average is $47.04. The company has a market cap of $4.82 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 1.74 and a beta of 1.43.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.93%. 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.