Magnetar Financial LLC Invests $293,000 in Olin Corporation $OLN

Key Points

• Magnetar Financial LLC has acquired a new position in Olin Corporation, purchasing 12,085 shares valued at approximately $293,000 during the first quarter.
• Numerous hedge funds, including Hotchkis & Wiley Capital Management, Vanguard Group, and Fuller & Thaler Asset Management, have increased their stakes in Olin Corporation, indicating strong institutional interest.
• Olin's recently reported earnings missed expectations, with earnings per share of $0.05 compared to the consensus estimate of $0.09, while its revenue increased by 7.0% year-over-year.

Magnetar Financial LLC purchased a new stake in Olin Corporation (NYSE:OLN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 12,085 shares of the specialty chemicals company's stock, valued at approximately $293,000.

Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised 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 valued at $29,000 after acquiring an additional 743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Olin in the 1st quarter worth approximately $31,000. Allworth Financial LP raised its holdings 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 worth $37,000 after buying an additional 1,095 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Olin by 183.8% in 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 in the last quarter. Finally, Summit Securities Group LLC bought a new stake in Olin during the 1st quarter worth approximately $88,000. Institutional investors and hedge funds own 88.67% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on OLN. Citigroup decreased their price target on Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a research report on Tuesday, July 8th. Barclays decreased their price target on Olin from $28.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Mizuho decreased their price target on Olin from $24.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company lowered their target price on Olin from $22.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 30th. Finally, Wall Street Zen raised Olin from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $25.57.

Insiders Place Their Bets

In related news, VP Teresa M. Vermillion sold 6,000 shares of Olin 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 completion of the sale, the vice president directly owned 17,199 shares of the company's stock, valued at approximately $363,070.89. This trade represents a 25.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

Olin Trading Up 4.9%

OLN stock traded up $1.19 during midday trading on Friday, hitting $25.27. 3,081,629 shares of the company's stock were exchanged, compared to its average volume of 2,090,593. The stock's fifty day moving average price is $21.35 and its 200-day moving average price is $21.77. 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 company has a market cap of $2.90 billion, a PE ratio of -210.57 and a beta of 1.61. Olin Corporation has a one year low of $17.66 and a one year high of $49.60.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings results 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). The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.68 billion. Olin had a negative net margin of 0.21% and a negative return on equity of 0.13%. The business's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.62 earnings per share. Research analysts predict that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 28th. Olin's dividend payout ratio (DPR) is presently -666.67%.

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.