Olin Co. (NYSE:OLN) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its holdings in Olin Co. (NYSE:OLN) by 5.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 131,936 shares of the specialty chemicals company’s stock after selling 7,010 shares during the quarter. Corebridge Financial Inc.’s holdings in Olin were worth $4,459,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in shares of Olin by 34.3% during 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 last quarter. Harbor Capital Advisors Inc. lifted its position in Olin by 55.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock worth $4,835,000 after acquiring an additional 51,051 shares during the period. KBC Group NV grew its stake in shares of Olin by 82.9% in the 4th quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company’s stock valued at $185,000 after purchasing an additional 2,476 shares during the last quarter. Mariner Investment Group LLC acquired a new position in shares of Olin in the fourth quarter valued at approximately $355,000. Finally, Barclays PLC increased its holdings in shares of Olin by 37.7% in the third quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after purchasing an additional 34,485 shares during the period. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Olin Stock Down 2.8 %

Shares of NYSE OLN opened at $24.55 on Monday. The firm’s 50-day moving average is $27.33 and its two-hundred day moving average is $36.09. The company has a market capitalization of $2.82 billion, a PE ratio of 27.27 and a beta of 1.61. Olin Co. has a 12-month low of $22.98 and a 12-month high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77.

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

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend was Thursday, March 6th. Olin’s dividend payout ratio is presently 88.89%.

Olin announced that its board has approved a stock buyback program on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Olin from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $50.00 to $28.00 in a research report on Thursday, February 27th. Citigroup dropped their price target on shares of Olin from $34.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday. Barclays restated an “equal weight” rating on shares of Olin in a research report on Monday, February 3rd. Truist Financial dropped their target price on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research report on Monday, February 3rd. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Olin in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $37.44.

Insider Activity at Olin

In other news, CEO Kenneth Todd Lane acquired 7,250 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was acquired at an average price of $28.06 per share, with a total value of $203,435.00. Following the completion of the transaction, the chief executive officer now directly owns 7,250 shares in the company, valued at approximately $203,435. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

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.