IFP Advisors Inc Reduces Stock Position in Olin Co. (NYSE:OLN)

IFP Advisors Inc reduced its holdings in shares of Olin Co. (NYSE:OLN) by 21.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,765 shares of the specialty chemicals company’s stock after selling 474 shares during the quarter. IFP Advisors Inc’s holdings in Olin were worth $60,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Ieq Capital LLC acquired a new stake in Olin during the fourth quarter valued at approximately $824,000. Alberta Investment Management Corp acquired a new stake in shares of Olin during the 4th quarter valued at approximately $660,000. State of New Jersey Common Pension Fund D lifted its stake in Olin by 14.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,312 shares of the specialty chemicals company’s stock worth $1,734,000 after purchasing an additional 6,617 shares during the last quarter. Rhumbline Advisers boosted its holdings in Olin by 1.6% in the fourth quarter. Rhumbline Advisers now owns 324,696 shares of the specialty chemicals company’s stock worth $10,975,000 after purchasing an additional 5,093 shares during the period. Finally, Vontobel Holding Ltd. acquired a new position in Olin in the fourth quarter worth $328,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Price Performance

Shares of NYSE:OLN opened at $24.74 on Friday. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 27.49 and a beta of 1.61. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. Olin Co. has a 12 month low of $22.98 and a 12 month high of $60.60. The stock’s 50 day moving average price is $29.93 and its 200 day moving average price is $38.20.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping 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%. Equities research analysts anticipate that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, March 6th will be paid a $0.20 dividend. The ex-dividend date is Thursday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 3.23%. Olin’s dividend payout ratio is currently 88.89%.

Olin declared that its Board of Directors has authorized a share buyback program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on OLN shares. Truist Financial decreased their price target on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a report on Monday, February 3rd. Morgan Stanley decreased their target price on Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Tuesday, February 4th. JPMorgan Chase & Co. cut Olin from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $50.00 to $28.00 in a research report on Thursday, February 27th. Bank of America upgraded Olin from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. Finally, UBS Group set a $28.00 target price on Olin in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Olin currently has an average rating of “Hold” and a consensus price target of $38.38.

Insider Buying and Selling

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of Olin stock in a transaction dated 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 in the company, valued at $203,435. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.

Olin 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.