First Trust Advisors LP Acquires 318,588 Shares of Olin Corporation $OLN

Key Points

• First Trust Advisors LP increased its Olin stake by 80.8% in the first quarter, adding 318,588 shares for a total of 713,041 shares valued at approximately $21.2 million. Institutional investors collectively own 88.67% of Olin.
• Analysts maintain a consensus “Hold” rating on OLN, with an average price target of $26.46; ratings include one Strong Buy, two Buys, nine Holds and four Sells.
• Olin shares opened at $22.19, compared with a 12-month range of $18.08 to $30.46. The company manufactures chlor-alkali products, epoxy resins and Winchester small-caliber ammunition.

First Trust Advisors LP increased its holdings in shares of Olin Corporation (NYSE:OLN - Free Report) by 80.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 713,041 shares of the specialty chemicals company's stock after purchasing an additional 318,588 shares during the quarter. First Trust Advisors LP owned approximately 0.63% of Olin worth $21,199,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Values First Advisors Inc. lifted its position in Olin by 3.4% during the 1st quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company's stock worth $384,000 after buying an additional 425 shares in the last quarter. Covestor Ltd boosted its stake in shares of Olin by 10.6% during the 4th quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company's stock worth $108,000 after buying an additional 497 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Olin by 2.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company's stock valued at $693,000 after acquiring an additional 500 shares in the last quarter. Madison Asset Management LLC grew its holdings in shares of Olin by 0.6% in the 4th quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company's stock valued at $2,033,000 after acquiring an additional 555 shares in the last quarter. Finally, FORA Capital LLC increased its position in shares of Olin by 2.6% in the second quarter. FORA Capital LLC now owns 24,453 shares of the specialty chemicals company's stock valued at $491,000 after acquiring an additional 625 shares during the last quarter. Institutional investors own 88.67% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on OLN shares. Royal Bank Of Canada set a $30.00 price target on Olin and gave the company a "sector perform" rating in a research report on Friday, April 10th. Mizuho decreased their price target on Olin from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. Morgan Stanley boosted their price target on Olin from $18.00 to $22.00 and gave the stock an "underweight" rating in a research report on Monday, May 11th. Weiss Ratings reiterated a "sell (d)" rating on shares of Olin in a research note on Friday, May 22nd. Finally, Zacks Research raised Olin from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $26.46.

Olin Price Performance

Shares of NYSE OLN opened at $22.19 on Thursday. The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73. The business's 50 day moving average price is $22.95 and its two-hundred day moving average price is $24.80. The company has a market cap of $2.53 billion, a PE ratio of -19.82 and a beta of 1.21. Olin Corporation has a twelve month low of $18.08 and a twelve month high of $30.46.

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.

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