HighTower Advisors LLC Grows Stock Position in Olin Co. (NYSE:OLN)

HighTower Advisors LLC boosted its position in shares of Olin Co. (NYSE:OLN) by 44.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,006 shares of the specialty chemicals company’s stock after buying an additional 3,692 shares during the quarter. HighTower Advisors LLC’s holdings in Olin were worth $406,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of OLN. Spire Wealth Management raised its holdings in shares of Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after buying an additional 1,150 shares during the period. Jones Financial Companies Lllp grew its position in Olin by 59.9% in the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock valued at $82,000 after acquiring an additional 911 shares during the last quarter. Blue Trust Inc. increased its stake in Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock worth $98,000 after purchasing an additional 738 shares during the period. Crews Bank & Trust bought a new stake in shares of Olin during the fourth quarter worth $153,000. Finally, Captrust Financial Advisors boosted its stake in shares of Olin by 14.4% during the third quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock valued at $240,000 after purchasing an additional 630 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. BMO Capital Markets reduced their price target on shares of Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 5th. JPMorgan Chase & Co. downgraded shares of Olin from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $50.00 to $28.00 in a research note on Thursday, February 27th. Citigroup lowered their price target on Olin from $34.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 27th. Truist Financial decreased their target price on Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research report on Monday, February 3rd. Finally, Piper Sandler downgraded Olin from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $41.00 to $33.00 in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $37.44.

Olin Price Performance

NYSE OLN opened at $24.22 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. The stock’s fifty day moving average price is $27.14 and its 200 day moving average price is $35.97. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 26.91 and a beta of 1.61. Olin Co. has a 1 year low of $22.98 and a 1 year high of $60.60.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, equities research analysts forecast that Olin Co. will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a yield of 3.30%. Olin’s dividend payout ratio is currently 88.89%.

Olin declared that its Board of Directors has approved a stock buyback plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Kenneth Todd Lane bought 7,250 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was acquired at an average cost of $28.06 per share, with a total value of $203,435.00. Following the purchase, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at $203,435. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

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.