First Hawaiian Bank Purchases 1,785 Shares of Olin Co. (NYSE:OLN)

First Hawaiian Bank grew its position in shares of Olin Co. (NYSE:OLN) by 9.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 21,642 shares of the specialty chemicals company’s stock after buying an additional 1,785 shares during the quarter. First Hawaiian Bank’s holdings in Olin were worth $732,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. lifted its position in shares of Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after buying an additional 172,768 shares in the last quarter. Synovus Financial Corp bought a new stake in shares of Olin in the 3rd quarter worth approximately $253,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Olin in the 3rd quarter worth approximately $256,000. First Sabrepoint Capital Management LP bought a new stake in shares of Olin in the 3rd quarter worth approximately $5,278,000. Finally, Barclays PLC raised its holdings in shares of Olin by 37.7% in the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock worth $6,042,000 after purchasing an additional 34,485 shares during the period. Institutional investors own 88.67% of the company’s stock.

Olin Stock Down 2.4 %

OLN opened at $31.02 on Friday. The company has a fifty day moving average price of $38.39 and a 200-day moving average price of $42.62. The firm has a market capitalization of $3.62 billion, a P/E ratio of 25.02, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. 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 Co. has a one year low of $30.95 and a one year high of $60.60.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.58%. Olin’s dividend payout ratio (DPR) is presently 64.52%.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Royal Bank of Canada lowered their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Piper Sandler lowered their price target on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday. Wells Fargo & Company lowered their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Citigroup lowered their target price on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Finally, KeyCorp lowered their target price on shares of Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $49.00.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction on Friday, November 8th. The shares were 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 directly owns 24,056 shares in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is owned by company insiders.

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.