Olin Co. (NYSE:OLN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Olin Co. (NYSE:OLN) by 31.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 272,252 shares of the specialty chemicals company’s stock after selling 125,426 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Olin worth $13,063,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of OLN. Segall Bryant & Hamill LLC purchased a new position in Olin during the 3rd quarter worth approximately $916,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Olin by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock worth $62,168,000 after purchasing an additional 37,043 shares during the last quarter. Magnetar Financial LLC acquired a new position in Olin during the second quarter valued at $2,350,000. Canada Pension Plan Investment Board boosted its holdings in Olin by 846.7% in the second quarter. Canada Pension Plan Investment Board now owns 14,200 shares of the specialty chemicals company’s stock valued at $670,000 after purchasing an additional 12,700 shares during the last quarter. Finally, Barclays PLC grew its position in Olin by 37.7% during the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock worth $6,042,000 after purchasing an additional 34,485 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Price Performance

NYSE:OLN opened at $33.77 on Friday. The stock has a 50 day moving average of $40.44 and a two-hundred day moving average of $43.78. Olin Co. has a 12 month low of $32.90 and a 12 month high of $60.60. The firm has a market cap of $3.94 billion, a P/E ratio of 27.23, 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.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were issued a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.37%. Olin’s payout ratio is currently 64.52%.

Olin declared that its Board of Directors has authorized a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

OLN has been the subject of several analyst reports. Citigroup lowered their target price on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. BMO Capital Markets lowered their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler cut their target price on shares of Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Wells Fargo & Company lowered their price target on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, Royal Bank of Canada cut their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.14.

Insiders Place Their Bets

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% 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.