PNC Financial Services Group Inc. Reduces Stock Position in Olin Co. (NYSE:OLN)

PNC Financial Services Group Inc. trimmed its holdings in shares of Olin Co. (NYSE:OLN) by 7.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,539 shares of the specialty chemicals company’s stock after selling 1,538 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Olin were worth $985,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its stake in shares of Olin by 344.3% during the second quarter. Harbor Capital Advisors Inc. now owns 40,760 shares of the specialty chemicals company’s stock worth $1,922,000 after acquiring an additional 31,587 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Olin by 1,220.6% during the second quarter. SG Americas Securities LLC now owns 50,050 shares of the specialty chemicals company’s stock valued at $2,360,000 after buying an additional 46,260 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Olin in the 2nd quarter valued at about $2,350,000. Canada Pension Plan Investment Board boosted its holdings in Olin by 846.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 14,200 shares of the specialty chemicals company’s stock valued at $670,000 after acquiring an additional 12,700 shares during the period. Finally, Tidal Investments LLC grew its position in Olin by 510.4% during the 1st quarter. Tidal Investments LLC now owns 33,132 shares of the specialty chemicals company’s stock worth $1,948,000 after acquiring an additional 27,704 shares during the last quarter. 88.67% of the stock is owned by institutional investors.

Insider Transactions at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the transaction, the vice president now owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by insiders.

Olin Stock Up 1.5 %

NYSE:OLN opened at $42.70 on Thursday. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. The firm’s 50-day moving average price is $44.48 and its 200-day moving average price is $46.22. The company has a market capitalization of $4.98 billion, a PE ratio of 34.44, a P/E/G ratio of 1.76 and a beta of 1.43. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.87%. Olin’s payout ratio is presently 64.52%.

Wall Street Analyst Weigh In

OLN has been the topic of a number of recent analyst reports. BMO Capital Markets cut their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company cut their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Royal Bank of Canada reduced their price target on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Barclays cut their price objective on Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Finally, Piper Sandler dropped their price target on Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $51.86.

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.