Hsbc Holdings PLC Increases Holdings in Olin Corporation $OLN

Key Points

• Hsbc Holdings PLC increased its stake in Olin Corporation by 38.5%, owning 149,234 shares valued at approximately $3.6 million by the end of the first quarter.
• Olin Corporation reported earnings of $0.05 per share for the last quarter, missing analysts' estimates, while the company’s revenue increased 7% year-over-year to $1.76 billion.
• The firm announced a quarterly dividend of $0.20 per share, equating to an annualized dividend yield of 3.4%.

Hsbc Holdings PLC boosted its stake in shares of Olin Corporation (NYSE:OLN - Free Report) by 38.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 149,234 shares of the specialty chemicals company's stock after acquiring an additional 41,511 shares during the quarter. Hsbc Holdings PLC owned approximately 0.13% of Olin worth $3,598,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in OLN. Fifth Third Bancorp boosted its stake in shares of Olin by 160.5% in the 1st 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. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Olin in the 1st quarter valued at approximately $31,000. Allworth Financial LP raised its position in shares of Olin by 188.5% in the 1st quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company's stock valued at $37,000 after acquiring an additional 1,095 shares during the period. Farther Finance Advisors LLC raised its holdings in Olin by 183.8% during the 1st quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company's stock worth $63,000 after buying an additional 1,713 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in Olin during the 1st quarter worth approximately $88,000. Institutional investors own 88.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on OLN shares. Citigroup lowered their price objective on shares of Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, July 8th. JPMorgan Chase & Co. lowered their price objective on shares of Olin from $28.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. Barclays lowered their price objective on shares of Olin from $28.00 to $24.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Truist Financial decreased their target price on shares of Olin from $25.00 to $24.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Finally, Wall Street Zen raised shares of Olin from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Three investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Olin currently has a consensus rating of "Hold" and a consensus target price of $25.57.

Insider Activity

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total transaction of $126,660.00. Following the transaction, the vice president directly 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 filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company's stock.

Olin Price Performance

OLN stock traded up $0.81 during midday trading on Friday, reaching $23.67. The company had a trading volume of 1,714,787 shares, compared to its average volume of 2,504,984. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of -197.23 and a beta of 1.55. The stock has a 50 day moving average price of $20.96 and a 200-day moving average price of $21.95. Olin Corporation has a 1-year low of $17.66 and a 1-year high of $49.60. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.48 and a quick ratio of 0.88.

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). The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.68 billion. Olin had a negative return on equity of 0.13% and a negative net margin of 0.21%.The firm's revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.62 EPS. Equities research analysts expect that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors 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 annualized dividend and a yield of 3.4%. Olin's dividend payout ratio is presently -666.67%.

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.