Granite Investment Partners LLC Purchases New Position in Olin Co. (NYSE:OLN)

Granite Investment Partners LLC acquired a new position in shares of Olin Co. (NYSE:OLN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 77,657 shares of the specialty chemicals company’s stock, valued at approximately $3,662,000. Granite Investment Partners LLC owned about 0.07% of Olin at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Campbell & CO Investment Adviser LLC purchased a new position in shares of Olin during the fourth quarter worth about $3,350,000. Harbor Capital Advisors Inc. increased its holdings in shares of Olin by 344.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 40,760 shares of the specialty chemicals company’s stock valued at $1,922,000 after acquiring an additional 31,587 shares during the period. CastleKnight Management LP purchased a new stake in Olin in the 4th quarter valued at $1,014,000. Bridgewater Associates LP boosted its stake in Olin by 36.6% during the 4th quarter. Bridgewater Associates LP now owns 321,891 shares of the specialty chemicals company’s stock worth $17,366,000 after purchasing an additional 86,214 shares during the period. Finally, SG Americas Securities LLC grew its position in Olin by 1,220.6% during the 2nd quarter. SG Americas Securities LLC now owns 50,050 shares of the specialty chemicals company’s stock worth $2,360,000 after purchasing an additional 46,260 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

OLN has been the subject of several recent research reports. Piper Sandler decreased their target price on shares of Olin from $75.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. The Goldman Sachs Group reduced their target price on Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, July 29th. KeyCorp cut their price target on shares of Olin from $69.00 to $62.00 and set an “overweight” rating on the stock in a report on Monday, July 29th. Barclays lowered their price target on Olin from $59.00 to $49.00 and set an “equal weight” rating for the company in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. raised Olin from a “neutral” rating to an “overweight” rating and set a $55.00 target price for the company in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $52.73.

Olin Stock Performance

OLN opened at $44.10 on Friday. The company has a current ratio of 1.43, a quick ratio of 0.82 and a debt-to-equity ratio of 1.29. The business’s 50 day moving average is $43.84 and its 200-day moving average is $50.11. The stock has a market cap of $5.18 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 0.94 and a beta of 1.41. Olin Co. has a twelve month low of $39.47 and a twelve month high of $60.60.

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

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 8th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Thursday, August 8th. Olin’s dividend payout ratio is presently 28.78%.

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.