American Century Companies Inc. Sells 16,480 Shares of Olin Corporation $OLN

Key Points

• American Century Companies Inc. reduced its stake in Olin Corporation by 7.8%, owning 193,553 shares after selling 16,480 shares during the first quarter.
• Insider VP Teresa M. Vermillion sold 6,000 shares of Olin at an average price of $21.11, representing a 25.86% decrease in her holdings.
• Brokerages have recently revised their price targets for Olin, with Wells Fargo cutting the projection from $22.00 to $21.00 and Citigroup from $26.00 to $25.00.

American Century Companies Inc. cut its holdings in Olin Corporation (NYSE:OLN - Free Report) by 7.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,553 shares of the specialty chemicals company's stock after selling 16,480 shares during the quarter. American Century Companies Inc. owned approximately 0.17% of Olin worth $4,692,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp grew its position in shares of Olin by 160.5% in the 1st quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock worth $29,000 after buying an additional 743 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Olin during the 1st quarter valued at about $31,000. Allworth Financial LP grew its position in Olin by 188.5% during the 1st quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company's stock valued at $37,000 after purchasing an additional 1,095 shares during the last quarter. Farther Finance Advisors LLC grew its position in Olin by 183.8% during the 1st quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company's stock valued at $63,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Olin by 149.4% during the 1st quarter. Blue Trust Inc. now owns 4,080 shares of the specialty chemicals company's stock valued at $99,000 after purchasing an additional 2,444 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on OLN shares. UBS Group cut their price objective on shares of Olin from $23.00 to $22.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company cut their price objective on shares of Olin from $22.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 30th. JPMorgan Chase & Co. cut their price objective on shares of Olin from $28.00 to $20.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Mizuho cut their price objective on shares of Olin from $24.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Finally, Truist Financial cut their price objective on shares of Olin from $25.00 to $24.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $25.57.

Olin Stock Performance

NYSE OLN traded up $0.81 on Monday, reaching $23.67. 1,714,787 shares of the stock were exchanged, compared to its average volume of 2,406,160. Olin Corporation has a one year low of $17.66 and a one year high of $49.60. The firm has a market capitalization of $2.71 billion, a PE ratio of -197.23 and a beta of 1.61. The company's 50-day simple moving average is $21.04 and its two-hundred day simple moving average is $21.83. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 1.50.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.68 billion. Olin had a negative net margin of 0.21% and a negative return on equity of 0.13%. The company's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 EPS. Analysts expect that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, August 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.4%. Olin's dividend payout ratio (DPR) is presently -666.67%.

Insider Activity

In other news, VP Teresa M. Vermillion sold 6,000 shares of Olin stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $21.11, for a total transaction of $126,660.00. Following the sale, the vice president owned 17,199 shares in the company, valued at $363,070.89. This trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.70% 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.