Connor Clark & Lunn Investment Management Ltd. Raises Holdings in Olin Corporation (NYSE:OLN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Olin Corporation by 213.1% during the first quarter, owning approximately 0.22% of the company worth around $6.23 million.
• Olin Corporation reported a net loss of $0.05 EPS for the last quarter, missing estimates, although its revenue increased by 7.0% year-over-year.
• Analyst ratings vary, with the average target price for Olin at $25.57, where one analyst rates it as a sell, while others assign hold and buy ratings.

Connor Clark & Lunn Investment Management Ltd. boosted its position in Olin Corporation (NYSE:OLN - Free Report) by 213.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 257,131 shares of the specialty chemicals company's stock after purchasing an additional 174,994 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.22% of Olin worth $6,233,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in OLN. Covestor Ltd lifted its position in shares of Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock worth $45,000 after buying an additional 419 shares during the last quarter. Vestcor Inc raised its position in Olin by 4.6% in the first quarter. Vestcor Inc now owns 12,630 shares of the specialty chemicals company's stock valued at $306,000 after purchasing an additional 558 shares during the last quarter. Fifth Third Bancorp raised its position in Olin by 160.5% in the first quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock valued at $29,000 after purchasing an additional 743 shares during the last quarter. Allworth Financial LP raised its position in Olin by 188.5% in the first quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company's stock valued at $37,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Olin in the first quarter valued at about $31,000. 88.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Olin from $28.00 to $20.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. Royal Bank Of Canada lowered their price objective on Olin from $25.00 to $23.00 and set a "sector perform" rating for the company in a research report on Thursday, July 3rd. Wall Street Zen upgraded Olin from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Mizuho lowered their price objective on Olin from $24.00 to $23.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Finally, KeyCorp lowered their price objective on Olin from $32.00 to $31.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $25.57.

Olin Stock Down 1.3%

Shares of Olin stock traded down $0.28 during midday trading on Friday, hitting $21.31. The company had a trading volume of 1,871,676 shares, compared to its average volume of 3,157,111. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.88 and a current ratio of 1.48. The stock has a market capitalization of $2.44 billion, a P/E ratio of -177.58 and a beta of 1.55. The company has a 50 day moving average of $20.56 and a 200 day moving average of $22.33. Olin Corporation has a 52-week low of $17.66 and a 52-week high of $49.60.

Olin (NYSE:OLN - Get Free Report) last issued its earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the business posted $0.62 earnings per share. The business's revenue for the quarter was up 7.0% on a year-over-year basis. On average, equities analysts predict that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.8%. Olin's dividend payout ratio (DPR) is currently -666.67%.

Insider Buying and Selling

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total transaction of $126,660.00. Following the sale, the vice president directly owned 17,199 shares of the company's stock, valued at $363,070.89. This trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Olin 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.