Olin Corporation $OLN Shares Sold by Millennium Management LLC

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 position in Olin Corporation (NYSE:OLN - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 about 1.86% of Olin worth $51,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. increased its holdings in Olin by 40.5% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 6,384,744 shares of the specialty chemicals company's stock worth $154,766,000 after acquiring an additional 1,840,900 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in Olin by 11.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 12,191,163 shares of the specialty chemicals company's stock worth $295,514,000 after acquiring an additional 1,259,795 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Olin by 14.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,546,352 shares of the specialty chemicals company's stock worth $110,204,000 after acquiring an additional 569,483 shares in the last quarter. AQR Capital Management LLC increased its holdings in Olin by 52.5% in the 1st quarter. AQR Capital Management LLC now owns 1,288,202 shares of the specialty chemicals company's stock worth $31,226,000 after acquiring an additional 443,210 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in Olin by 890.4% in the 4th quarter. Two Sigma Investments LP now owns 451,020 shares of the specialty chemicals company's stock worth $15,244,000 after acquiring an additional 405,480 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Olin Stock Down 2.0%

Shares of OLN traded down $0.54 during mid-day trading on Friday, hitting $26.39. 2,178,894 shares of the company's stock were exchanged, compared to its average volume of 2,121,133. The company 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 company has a debt-to-equity ratio of 1.50, a quick ratio of 0.88 and a current ratio of 1.48. The stock's 50-day moving average is $21.70 and its 200-day moving average is $21.77.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings results 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). 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 for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS. On average, sell-side analysts anticipate that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

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

Insiders Place Their Bets

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total value of $126,660.00. Following the sale, the vice president directly owned 17,199 shares in the company, valued at $363,070.89. This trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Citigroup cut their price target on shares of Olin from $26.00 to $25.00 and set a "buy" rating for the company in a report on Tuesday, July 8th. UBS Group dropped their target price on shares of Olin from $23.00 to $22.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Mizuho dropped their target price on shares of Olin from $24.00 to $23.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Wells Fargo & Company dropped their target price on shares of Olin from $22.00 to $21.00 and set an "equal weight" rating for the company in a report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Three investment 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $25.57.

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.