Bank of America Corp DE Has $24.86 Million Holdings in Olin Co. (NYSE:OLN)

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

A number of other hedge funds have also made changes to their positions in the stock. Covestor Ltd lifted its stake in Olin by 45.8% in the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock valued at $45,000 after buying an additional 419 shares during the last quarter. Spire Wealth Management raised its position in Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock worth $55,000 after acquiring an additional 1,150 shares in the last quarter. CoreFirst Bank & Trust bought a new stake in Olin in the fourth quarter worth about $66,000. Jones Financial Companies Lllp raised its position in Olin by 59.9% in the fourth quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company's stock worth $82,000 after acquiring an additional 911 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company's stock worth $98,000 after acquiring an additional 738 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company's stock.

Olin Trading Down 0.8%

NYSE:OLN traded down $0.15 on Friday, hitting $19.38. 1,694,351 shares of the stock were exchanged, compared to its average volume of 1,619,007. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 21.54 and a beta of 1.56. Olin Co. has a 52 week low of $17.66 and a 52 week high of $54.86. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The company's 50-day moving average price is $21.75 and its 200 day moving average price is $29.25.

Olin (NYSE:OLN - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.14. The firm had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.58 billion. Olin had a return on equity of 5.10% and a net margin of 1.66%. The company's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 EPS. On average, equities research analysts forecast that Olin Co. will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The firm also recently announced 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 yield of 4.13%. Olin's payout ratio is 156.86%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OLN. Mizuho set a $23.00 price objective on Olin in a report on Tuesday, April 15th. Citigroup lowered their price target on Olin from $34.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, March 27th. Morgan Stanley decreased their target price on Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a research report on Monday, May 12th. Piper Sandler lowered their price objective on shares of Olin from $33.00 to $26.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Finally, BMO Capital Markets lowered their price objective on shares of Olin from $44.00 to $34.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Olin currently has an average rating of "Hold" and an average price target of $28.07.

Olin Company 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.