Canada Pension Plan Investment Board Boosts Stake in Olin Corporation $OLN

Key Points

• The Canada Pension Plan Investment Board increased its stake in Olin Corporation by 59.6%, acquiring an additional 49,200 shares, bringing its total ownership to approximately 131,800 shares valued at $3,195,000.
• Olin Corporation reported a quarterly EPS of $0.05, missing estimates by $0.04, while its revenue of $1.76 billion surpassed consensus estimates of $1.68 billion, indicating a 7% increase year-over-year.
• The company has declared a quarterly dividend of $0.20 per share, projected to yield 3.4% annually, with the dividend payout ratio currently at -666.67%.

Canada Pension Plan Investment Board increased its holdings in Olin Corporation (NYSE:OLN - Free Report) by 59.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 131,800 shares of the specialty chemicals company's stock after acquiring an additional 49,200 shares during the period. Canada Pension Plan Investment Board owned approximately 0.11% of Olin worth $3,195,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Northern Trust Corp lifted its stake in Olin by 16.5% during the 4th quarter. Northern Trust Corp now owns 1,126,237 shares of the specialty chemicals company's stock worth $38,067,000 after acquiring an additional 159,667 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Olin during the 4th quarter worth about $1,305,000. Comerica Bank lifted its stake in Olin by 9.2% during the 4th quarter. Comerica Bank now owns 73,130 shares of the specialty chemicals company's stock worth $2,472,000 after acquiring an additional 6,179 shares in the last quarter. Bridgefront Capital LLC acquired a new position in Olin during the 4th quarter worth about $307,000. Finally, Centiva Capital LP acquired a new position in Olin during the 4th quarter worth about $533,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Olin

In other news, VP Teresa M. Vermillion sold 6,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total value of $126,660.00. Following the transaction, the vice president owned 17,199 shares in the company, valued at approximately $363,070.89. This represents a 25.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.70% of the company's stock.

Olin Stock Down 0.2%

Shares of OLN traded down $0.04 during mid-day trading on Tuesday, reaching $24.99. The company's stock had a trading volume of 511,499 shares, compared to its average volume of 2,088,337. Olin Corporation has a 12-month low of $17.66 and a 12-month high of $49.60. The stock has a market cap of $2.86 billion, a PE ratio of -209.00 and a beta of 1.61. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.48 and a quick ratio of 0.88. The company's 50 day moving average is $21.45 and its 200 day moving average is $21.71.

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

Olin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. Olin's dividend payout ratio is presently -666.67%.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research reports. Wall Street Zen raised Olin from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Citigroup decreased their target price on Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a research note on Tuesday, July 8th. Morgan Stanley decreased their target price on Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a report on Monday, May 12th. Wells Fargo & Company decreased their target price on Olin from $22.00 to $21.00 and set an "equal weight" rating for the company in a report on Wednesday, July 30th. Finally, Barclays decreased their target price on Olin from $28.00 to $24.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $25.57.

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.