Olin Co. (NYSE:OLN) Shares Sold by Garner Asset Management Corp

Garner Asset Management Corp lessened its holdings in Olin Co. (NYSE:OLN) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,050 shares of the specialty chemicals company’s stock after selling 248 shares during the quarter. Garner Asset Management Corp’s holdings in Olin were worth $945,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Seven Eight Capital LP increased its stake in Olin by 77.0% during the 2nd quarter. Seven Eight Capital LP now owns 36,132 shares of the specialty chemicals company’s stock valued at $1,704,000 after purchasing an additional 15,716 shares in the last quarter. Hsbc Holdings PLC boosted its position in Olin by 49.8% in the second quarter. Hsbc Holdings PLC now owns 268,233 shares of the specialty chemicals company’s stock valued at $12,737,000 after buying an additional 89,178 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Olin by 42.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 6,729 shares of the specialty chemicals company’s stock worth $317,000 after buying an additional 2,014 shares during the period. Edgestream Partners L.P. purchased a new position in Olin during the 2nd quarter worth approximately $732,000. Finally, Dimensional Fund Advisors LP lifted its stake in Olin by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after acquiring an additional 194,755 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Analyst Upgrades and Downgrades

OLN has been the topic of a number of research reports. BMO Capital Markets started coverage on shares of Olin in a research note on Tuesday, September 3rd. They issued a “market perform” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. upgraded 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. The Goldman Sachs Group lowered their target price on Olin from $55.00 to $49.00 and set a “neutral” rating on the stock in a research note on Monday, July 29th. Barclays reduced their price target on Olin from $59.00 to $49.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. Finally, KeyCorp dropped their price objective on shares of Olin from $69.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $52.73.

Olin Price Performance

OLN stock opened at $43.07 on Thursday. Olin Co. has a 52-week low of $39.47 and a 52-week high of $60.60. The business has a fifty day moving average of $43.98 and a two-hundred day moving average of $50.23. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 15.49, a price-to-earnings-growth ratio of 0.91 and a beta of 1.41. The company has a quick ratio of 0.82, a current ratio of 1.43 and a debt-to-equity ratio of 1.29.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.08). Olin had a return on equity of 11.73% and a net margin of 4.26%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the business posted $1.13 earnings per share. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, research analysts anticipate that Olin Co. will post 1.61 earnings per share for the current year.

Olin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 8th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.80 annualized dividend and a yield of 1.86%. Olin’s dividend payout ratio (DPR) is presently 28.78%.

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.