Bank of New York Mellon Corp Acquires Shares of 1,200,056 Olin Corporation $OLN

Key Points

• Bank of New York Mellon acquired 1,200,056 Olin shares worth approximately $23.8 million, giving it a 1.05% stake. Institutional investors collectively own 88.67% of Olin.
• Olin reported a quarterly loss of $0.12 per share, missing estimates by $0.25, while revenue fell 0.9% year over year to $1.74 billion. The stock opened at $17.17, near its 12-month low.
• Olin declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 4.7% yield. Analysts remain cautious, with a consensus “Reduce” rating and a $22.62 price target.

Bank of New York Mellon Corp purchased a new stake in shares of Olin Corporation (NYSE:OLN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,200,056 shares of the specialty chemicals company's stock, valued at approximately $23,785,000. Bank of New York Mellon Corp owned about 1.05% of Olin at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its holdings in Olin by 115.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company's stock valued at $26,000 after buying an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Olin during the first quarter worth $32,000. Sunbelt Securities Inc. acquired a new stake in Olin in the 1st quarter worth about $45,000. UMB Bank n.a. increased its holdings in shares of Olin by 34.0% during the fourth quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company's stock worth $54,000 after purchasing an additional 659 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Olin by 45.0% in the third quarter. NewEdge Advisors LLC now owns 2,323 shares of the specialty chemicals company's stock valued at $58,000 after buying an additional 721 shares in the last quarter. 88.67% of the stock is owned by institutional investors.

Olin Trading Up 0.1%

NYSE OLN opened at $17.17 on Monday. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -13.96 and a beta of 1.22. Olin Corporation has a twelve month low of $17.00 and a twelve month high of $30.46. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. The business's fifty day moving average is $20.19 and its 200 day moving average is $24.06.

Olin (NYSE:OLN - Get Free Report) last issued its earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.25). Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%.The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.81 billion. During the same period in the previous year, the company earned ($0.01) EPS. Olin's revenue for the quarter was down .9% on a year-over-year basis. As a group, sell-side analysts expect that Olin Corporation will post -0.68 EPS for the current fiscal year.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 4.7%. Olin's dividend payout ratio (DPR) is currently -65.04%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OLN. Mizuho boosted their price target on Olin from $23.00 to $24.00 and gave the company a "neutral" rating in a research note on Friday, July 31st. Morgan Stanley increased their price objective on shares of Olin from $18.00 to $22.00 and gave the stock an "underweight" rating in a research note on Monday, May 11th. Bank of America lowered shares of Olin from a "buy" rating to an "underperform" rating and decreased their target price for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. Truist Financial dropped their target price on shares of Olin from $24.00 to $20.00 and set a "hold" rating for the company in a research report on Monday, August 3rd. Finally, Royal Bank Of Canada cut their price target on shares of Olin from $24.00 to $20.00 and set a "sector perform" rating for the company in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $22.62.

Olin Company 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.

Want to see what other hedge funds are holding OLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olin Corporation (NYSE:OLN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source