State of New Jersey Common Pension Fund D Boosts Holdings in Olin Co. (NYSE:OLN)

State of New Jersey Common Pension Fund D lifted its holdings in Olin Co. (NYSE:OLN) by 14.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 51,312 shares of the specialty chemicals company’s stock after acquiring an additional 6,617 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Olin were worth $1,734,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in OLN. Farther Finance Advisors LLC boosted its stake in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares during the period. Covestor Ltd boosted its position in Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after buying an additional 715 shares during the period. Capital Performance Advisors LLP bought a new stake in Olin in the 3rd quarter worth $47,000. Spire Wealth Management increased its position 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 valued at $55,000 after acquiring an additional 1,150 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock valued at $75,000 after acquiring an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research analyst reports. Truist Financial reduced their price target on shares of Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research report on Monday, February 3rd. Bank of America raised Olin from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $48.00 to $40.00 in a research report on Tuesday, January 14th. Wells Fargo & Company restated an “equal weight” rating on shares of Olin in a research report on Monday, February 3rd. Barclays reiterated an “equal weight” rating on shares of Olin in a report on Monday, February 3rd. Finally, KeyCorp dropped their target price on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $40.44.

Olin Price Performance

Shares of Olin stock opened at $26.65 on Wednesday. The firm has a market cap of $3.08 billion, a PE ratio of 29.61 and a beta of 1.45. Olin Co. has a twelve month low of $26.28 and a twelve month high of $60.60. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The business has a 50-day moving average price of $31.33 and a 200 day moving average price of $39.07.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. Sell-side analysts predict that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, March 6th will be given a $0.20 dividend. The ex-dividend date is Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a yield of 3.00%. Olin’s payout ratio is currently 88.89%.

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

Insiders Place Their Bets

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were acquired at an average price of $28.06 per share, with a total value of $203,435.00. Following the completion of the transaction, the chief executive officer now 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by 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.