HighTower Advisors LLC Sells 3,945 Shares of Olin Co. (NYSE:OLN)

HighTower Advisors LLC decreased its holdings in shares of Olin Co. (NYSE:OLN) by 32.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,314 shares of the specialty chemicals company’s stock after selling 3,945 shares during the period. HighTower Advisors LLC’s holdings in Olin were worth $397,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its holdings in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 276 shares during the last quarter. nVerses Capital LLC purchased a new stake in Olin during the second quarter valued at about $33,000. Covestor Ltd lifted its stake in Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 715 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Olin in the 3rd quarter worth about $47,000. Finally, Denver PWM LLC purchased a new position in shares of Olin during the 2nd quarter valued at about $59,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Price Performance

OLN opened at $33.45 on Monday. Olin Co. has a 12-month low of $33.32 and a 12-month high of $60.60. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The stock has a fifty day simple moving average of $41.81 and a two-hundred day simple moving average of $44.33.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.39%. Olin’s payout ratio is 64.52%.

Olin announced that its board has authorized a share repurchase plan on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OLN shares. Royal Bank of Canada dropped their target price on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. BMO Capital Markets cut their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Barclays lowered their price target on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Piper Sandler cut their price target on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Finally, KeyCorp lowered their price objective on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $50.14.

Insider Activity at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by corporate insiders.

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.