Teachers Retirement System of The State of Kentucky Sells 2,000 Shares of Olin Co. (NYSE:OLN)

Teachers Retirement System of The State of Kentucky reduced its stake in shares of Olin Co. (NYSE:OLN) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,668 shares of the specialty chemicals company’s stock after selling 2,000 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Olin were worth $2,248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Covestor Ltd increased its position in shares of Olin by 76.7% during the 3rd quarter. Covestor Ltd now owns 659 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 286 shares during the last quarter. Sandy Spring Bank increased its position in Olin by 145.6% during the fourth quarter. Sandy Spring Bank now owns 614 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 364 shares during the last quarter. Quarry LP purchased a new stake in shares of Olin in the fourth quarter valued at $50,000. ORG Partners LLC lifted its holdings in shares of Olin by 1,100.0% in the 4th quarter. ORG Partners LLC now owns 960 shares of the specialty chemicals company’s stock worth $52,000 after acquiring an additional 880 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new position in shares of Olin during the 4th quarter worth about $96,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Price Performance

NYSE OLN opened at $49.22 on Friday. Olin Co. has a 12-month low of $41.71 and a 12-month high of $60.60. The firm’s fifty day simple moving average is $53.19 and its two-hundred day simple moving average is $53.56. The company has a current ratio of 1.38, a quick ratio of 0.80 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $5.88 billion, a P/E ratio of 17.71, a P/E/G ratio of 0.29 and a beta of 1.47.

Olin (NYSE:OLN) last announced its earnings results on Friday, April 26th. The specialty chemicals company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.02. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. Olin had a return on equity of 14.47% and a net margin of 5.32%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.16 EPS. Analysts forecast that Olin Co. will post 3.66 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, May 9th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Wednesday, May 8th. Olin’s dividend payout ratio (DPR) is presently 28.78%.

Analyst Upgrades and Downgrades

OLN has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on shares of Olin from $56.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 3rd. Stifel Nicolaus upped their price objective on Olin from $68.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, April 29th. Piper Sandler increased their target price on Olin from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Royal Bank of Canada cut their price target on shares of Olin from $69.00 to $63.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Finally, Bank of America lowered their price objective on shares of Olin from $74.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Olin currently has an average rating of “Hold” and a consensus target price of $60.00.

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.