Harbor Capital Advisors Inc. Boosts Stake in Olin Corporation $OLN

Key Points

• Harbor Capital Advisors Inc. increased its stake in Olin Corporation by 17.3%, acquiring an additional 43,073 shares, bringing its total holdings to 291,539 shares, valued at approximately $5.86 million.
• Olin Corporation reported earnings per share of $0.05 for the last quarter, missing estimates and reflecting a negative return on equity of -0.13%, despite revenue increasing 7.0% year-over-year.
• The company announced a quarterly dividend of $0.20 per share, with a yield of 3.1%, though it has a significantly negative dividend payout ratio of -666.67%.

Harbor Capital Advisors Inc. grew its holdings in shares of Olin Corporation (NYSE:OLN - Free Report) by 17.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 291,539 shares of the specialty chemicals company's stock after purchasing an additional 43,073 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.25% of Olin worth $5,857,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OLN. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Olin during the first quarter valued at $31,000. Fifth Third Bancorp lifted its holdings in Olin by 160.5% in the 1st quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock worth $29,000 after purchasing an additional 743 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Olin in the 1st quarter valued at $206,000. Sequoia Financial Advisors LLC acquired a new position in Olin in the first quarter valued at about $247,000. Finally, Intech Investment Management LLC grew its position in Olin by 48.2% in the first quarter. Intech Investment Management LLC now owns 90,214 shares of the specialty chemicals company's stock valued at $2,187,000 after purchasing an additional 29,344 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on OLN. Royal Bank Of Canada dropped their target price 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. UBS Group dropped their price target on shares of Olin from $23.00 to $22.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Citigroup reduced their target price on Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, July 8th. Mizuho lowered their price objective on Olin from $24.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Finally, Wells Fargo & Company reduced their price objective on Olin from $22.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 30th. Three research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $25.57.

Olin Trading Down 3.4%

Shares of NYSE OLN traded down $0.85 during trading on Friday, hitting $24.12. 3,854,349 shares of the company traded hands, compared to its average volume of 2,422,339. Olin Corporation has a 1 year low of $17.66 and a 1 year high of $49.60. The firm has a market capitalization of $2.77 billion, a P/E ratio of -201.00 and a beta of 1.61. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 1.50. The company has a 50-day moving average price of $22.09 and a 200-day moving average price of $21.75.

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

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, August 28th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.3%. The ex-dividend date was Thursday, August 28th. Olin's payout ratio is currently -666.67%.

Insider Buying and Selling

In other news, VP Teresa M. Vermillion sold 6,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $21.11, for a total transaction of $126,660.00. Following the completion of the sale, the vice president directly owned 17,199 shares in the company, valued at $363,070.89. This represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.60% of the company's stock.

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.