Bank of America Corp DE Cuts Stock Position in Olin Co. (NYSE:OLN)

Bank of America Corp DE lessened its stake in shares of Olin Co. (NYSE:OLN - Free Report) by 56.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 735,368 shares of the specialty chemicals company's stock after selling 964,423 shares during the period. Bank of America Corp DE owned approximately 0.63% of Olin worth $24,855,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Covestor Ltd raised its holdings in Olin by 45.8% in the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock worth $45,000 after acquiring an additional 419 shares during the last quarter. Spire Wealth Management increased its holdings in shares of Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock worth $55,000 after purchasing an additional 1,150 shares in the last quarter. CoreFirst Bank & Trust purchased a new position in shares of Olin in the fourth quarter worth $66,000. Jones Financial Companies Lllp lifted its holdings in shares of Olin by 59.9% during the fourth quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company's stock valued at $82,000 after purchasing an additional 911 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Olin by 34.3% during the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company's stock valued at $98,000 after purchasing an additional 738 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company's stock.

Olin Trading Up 0.1%

Shares of OLN stock opened at $21.12 on Monday. 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 company has a market cap of $2.43 billion, a price-to-earnings ratio of 23.47 and a beta of 1.56. Olin Co. has a 1 year low of $17.66 and a 1 year high of $56.98. The firm has a fifty day moving average price of $22.20 and a 200-day moving average price of $29.93.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.14. Olin had a return on equity of 5.10% and a net margin of 1.66%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. Olin's revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts predict that Olin Co. will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.79%. Olin's dividend payout ratio (DPR) is presently 156.86%.

Wall Street Analyst Weigh In

Several research firms recently commented on OLN. Citigroup reduced their price objective on Olin from $34.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, March 27th. Morgan Stanley reduced their price target on shares of Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a research note on Monday, May 12th. Royal Bank of Canada lowered their price objective on shares of Olin from $28.00 to $25.00 and set a "sector perform" rating on the stock in a research report on Monday, May 5th. Wells Fargo & Company raised their target price on shares of Olin from $19.00 to $22.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Finally, UBS Group lifted their target price on shares of Olin from $21.00 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, Olin presently has an average rating of "Hold" and an average target price of $28.07.

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.

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