State of New Jersey Common Pension Fund D Sells 29,663 Shares of Olin Co. (NYSE:OLN)

State of New Jersey Common Pension Fund D decreased its position in shares of Olin Co. (NYSE:OLN) by 43.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,229 shares of the specialty chemicals company’s stock after selling 29,663 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Olin were worth $1,802,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OLN. Campbell & CO Investment Adviser LLC acquired a new position in shares of Olin in the fourth quarter valued at approximately $3,350,000. Harbor Capital Advisors Inc. increased its stake in shares of Olin by 344.3% in the second quarter. Harbor Capital Advisors Inc. now owns 40,760 shares of the specialty chemicals company’s stock valued at $1,922,000 after buying an additional 31,587 shares during the period. CastleKnight Management LP acquired a new position in shares of Olin in the fourth quarter valued at approximately $1,014,000. Bridgewater Associates LP increased its stake in shares of Olin by 36.6% in the fourth quarter. Bridgewater Associates LP now owns 321,891 shares of the specialty chemicals company’s stock valued at $17,366,000 after buying an additional 86,214 shares during the period. Finally, SG Americas Securities LLC increased its stake 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 valued at $2,360,000 after buying an additional 46,260 shares during the period. Institutional investors own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Royal Bank of Canada decreased their target price on shares of Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Wells Fargo & Company decreased their target price on shares of Olin from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. UBS Group decreased their target price on shares of Olin from $59.00 to $51.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Bank of America downgraded shares of Olin from a “buy” rating to a “neutral” rating and decreased their target price for the company from $62.00 to $51.00 in a research report on Monday, July 29th. Finally, The Goldman Sachs Group decreased their target price on shares of Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $52.73.

Olin Price Performance

Shares of NYSE:OLN opened at $46.00 on Wednesday. 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 stock’s fifty day simple moving average is $43.68 and its two-hundred day simple moving average is $49.87. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. The stock has a market cap of $5.49 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 0.94 and a beta of 1.41.

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 the consensus estimate 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 quarter last year, the business posted $1.13 earnings per share. Olin’s revenue was down 3.5% on a year-over-year basis. As a group, analysts forecast that Olin Co. will post 1.61 EPS for the current fiscal year.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 8th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Thursday, August 8th. Olin’s dividend payout ratio (DPR) is currently 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.