Millennium Management LLC Has $51.97 Million Position in Olin Corporation $OLN

Key Points

• Millennium Management LLC has decreased its holdings in Olin Corporation by 33.0%, selling 1,057,222 shares and now owns approximately 1.86% of the company valued at around $52 million.
• Several institutions have altered their positions in Olin, including AQR Capital Management, which boosted its stake by 52.5% during the same period.
• Olin Corporation reported a loss in earnings per share for the last quarter, missing estimates, and announced a quarterly dividend of $0.20, resulting in a dividend yield of 3.2%.

Millennium Management LLC reduced its stake in Olin Corporation (NYSE:OLN - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,144,011 shares of the specialty chemicals company's stock after selling 1,057,222 shares during the period. Millennium Management LLC owned approximately 1.86% of Olin worth $51,971,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Olin by 11.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 12,191,163 shares of the specialty chemicals company's stock valued at $295,514,000 after buying an additional 1,259,795 shares during the period. Vanguard Group Inc. boosted its stake in shares of Olin by 2.1% in the first quarter. Vanguard Group Inc. now owns 11,748,584 shares of the specialty chemicals company's stock valued at $284,786,000 after buying an additional 245,604 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Olin by 40.5% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 6,384,744 shares of the specialty chemicals company's stock valued at $154,766,000 after buying an additional 1,840,900 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Olin by 14.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,546,352 shares of the specialty chemicals company's stock valued at $110,204,000 after buying an additional 569,483 shares during the period. Finally, Yacktman Asset Management LP boosted its stake in shares of Olin by 3.1% in the first quarter. Yacktman Asset Management LP now owns 4,020,243 shares of the specialty chemicals company's stock valued at $97,451,000 after buying an additional 122,247 shares during the period. 88.67% of the stock is currently owned by institutional investors.

Olin Trading Down 2.0%

NYSE OLN traded down $0.54 on Friday, reaching $26.39. The company had a trading volume of 2,179,094 shares, compared to its average volume of 2,215,332. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -219.92 and a beta of 1.61. Olin Corporation has a fifty-two week low of $17.66 and a fifty-two week high of $49.60. The business has a 50 day moving average of $21.79 and a two-hundred day moving average of $21.72. 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 posted its quarterly earnings data on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The company had revenue of $1.76 billion during the quarter, compared to analyst estimates 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 in the previous year, the company earned $0.62 earnings per share. Analysts forecast that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, August 28th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Thursday, August 28th. Olin's dividend payout ratio (DPR) is presently -666.67%.

Insiders Place Their Bets

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the 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 completion of the sale, the vice president directly owned 17,199 shares in the company, valued at approximately $363,070.89. This trade represents a 25.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

OLN has been the subject of several recent analyst reports. KeyCorp cut their target price on Olin from $32.00 to $31.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. UBS Group cut their target price on Olin from $23.00 to $22.00 and set a "neutral" rating for the company in a research note on Tuesday, July 29th. Barclays cut their target price on Olin from $28.00 to $24.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 28th. Wells Fargo & Company dropped their price target 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, Mizuho dropped their price target on Olin from $24.00 to $23.00 and set a "neutral" rating for the company in a research note on Tuesday, July 29th. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $25.57.

About Olin

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.