Edgestream Partners L.P. Invests $732,000 in Olin Co. (NYSE:OLN)

Edgestream Partners L.P. bought a new stake in shares of Olin Co. (NYSE:OLN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,521 shares of the specialty chemicals company’s stock, valued at approximately $732,000.

A number of other large investors also recently added to or reduced their stakes in the business. Campbell & CO Investment Adviser LLC purchased a new position in shares of Olin in the fourth quarter worth about $3,350,000. Harbor Capital Advisors Inc. increased its stake in Olin by 344.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 40,760 shares of the specialty chemicals company’s stock worth $1,922,000 after purchasing an additional 31,587 shares during the period. CastleKnight Management LP bought a new stake in Olin in the fourth quarter valued at approximately $1,014,000. Bridgewater Associates LP boosted its stake in shares of Olin by 36.6% during the fourth quarter. Bridgewater Associates LP now owns 321,891 shares of the specialty chemicals company’s stock valued at $17,366,000 after purchasing an additional 86,214 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Olin by 1,220.6% in the second 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. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Price Performance

Shares of OLN opened at $44.10 on Friday. Olin Co. has a fifty-two week low of $39.47 and a fifty-two week high of $60.60. The firm’s 50-day simple moving average is $43.84 and its two-hundred day simple moving average is $50.08. 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. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 1.43.

Olin (NYSE:OLN) last posted 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). Olin had a net margin of 4.26% and a return on equity of 11.73%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the business earned $1.13 EPS. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. Analysts anticipate that Olin Co. will post 1.61 earnings per share for the current fiscal year.

Olin Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on OLN. BMO Capital Markets assumed coverage on shares of Olin in a research report on Tuesday, September 3rd. They set a “market perform” rating and a $50.00 price target for the company. JPMorgan Chase & Co. upgraded shares of Olin from a “neutral” rating to an “overweight” rating and set a $55.00 target price for the company in a report on Monday, July 29th. Piper Sandler reduced their price target on Olin from $75.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. The Goldman Sachs Group dropped their price objective on Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, July 29th. Finally, Wells Fargo & Company reduced their target price on Olin from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin currently has a consensus rating of “Hold” and a consensus target price of $52.73.

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.