Amundi Boosts Stake in Olin Corporation $OLN

Key Points

• Amundi increased its Olin stake by 337.2% in the first quarter, acquiring 527,586 additional shares and ending with 684,036 shares worth approximately $20.3 million. Institutional investors collectively own 88.67% of Olin.
• Olin shares opened at $18.61, near the lower end of their 12-month range of $17.73 to $30.46, while the stock traded below its 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: Olin has a consensus “Hold” rating and an average price target of $23.38, with several firms recently cutting their price targets and one analyst downgrading the stock to “Sell.”

Amundi grew its holdings in shares of Olin Corporation (NYSE:OLN - Free Report) by 337.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 684,036 shares of the specialty chemicals company's stock after acquiring an additional 527,586 shares during the period. Amundi owned about 0.60% of Olin worth $20,336,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OLN. Royal Bank of Canada grew its position in shares of Olin by 20.2% during the first quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company's stock worth $2,066,000 after buying an additional 14,344 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Olin in the 1st quarter worth about $32,000. Jones Financial Companies Lllp raised its stake in shares of Olin by 467.9% in the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company's stock valued at $335,000 after purchasing an additional 11,374 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Olin by 57.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company's stock valued at $14,268,000 after purchasing an additional 215,235 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Olin by 6.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company's stock worth $7,696,000 after purchasing an additional 20,047 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Trading Up 0.5%

Shares of NYSE OLN opened at $18.61 on Tuesday. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -15.13 and a beta of 1.22. Olin Corporation has a 12-month low of $17.73 and a 12-month high of $30.46. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 1.77. The stock's 50 day simple moving average is $22.57 and its 200 day simple moving average is $24.73.

Wall Street Analyst Weigh In

A number of research firms recently commented on OLN. Wall Street Zen downgraded Olin from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. The Goldman Sachs Group cut their price objective on Olin from $31.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. JPMorgan Chase & Co. decreased their target price on Olin from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. BMO Capital Markets lowered their price target on Olin from $30.00 to $25.00 and set a "market perform" rating for the company in a report on Monday, July 6th. Finally, Royal Bank Of Canada dropped their price target on Olin from $24.00 to $20.00 and set a "sector perform" rating on the stock in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Olin has a consensus rating of "Hold" and an average price target of $23.38.

Olin Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company's core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin's chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.

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