Northern Trust Corp Raises Position in Olin Corporation $OLN

Key Points

• Northern Trust Corp increased its stake in Olin Corporation by 17.9%, owning approximately 1.15% of the company, valued at $32.18 million.
• Olin Corporation announced a quarterly dividend of $0.20 per share, representing a 3.4% yield, to be paid on September 12th.
• The company reported a revenue of $1.76 billion for the last quarter, exceeding estimates, but missed EPS expectations with $0.05 against a consensus of $0.09.

Northern Trust Corp increased its position in Olin Corporation (NYSE:OLN - Free Report) by 17.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,327,408 shares of the specialty chemicals company's stock after acquiring an additional 201,171 shares during the period. Northern Trust Corp owned about 1.15% of Olin worth $32,176,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Versor Investments LP grew its holdings in shares of Olin by 17.5% in the first quarter. Versor Investments LP now owns 11,400 shares of the specialty chemicals company's stock worth $276,000 after acquiring an additional 1,700 shares during the period. Summit Securities Group LLC bought a new stake in shares of Olin in the first quarter worth $88,000. Algert Global LLC bought a new stake in shares of Olin in the first quarter worth $801,000. Dimensional Fund Advisors LP grew its holdings 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 worth $110,204,000 after acquiring an additional 569,483 shares during the period. Finally, Robotti Robert grew its holdings in shares of Olin by 2.7% in the first quarter. Robotti Robert now owns 115,682 shares of the specialty chemicals company's stock worth $2,804,000 after acquiring an additional 3,060 shares during the period. Institutional investors own 88.67% of the company's stock.

Insider Buying and Selling

In related 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 completion of the transaction, the vice president directly owned 17,199 shares of the company's stock, valued at approximately $363,070.89. This represents a 25.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.70% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on OLN. JPMorgan Chase & Co. cut their price objective on Olin from $28.00 to $20.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. KeyCorp cut their price target on Olin from $32.00 to $31.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Truist Financial cut their price target on Olin from $25.00 to $24.00 and set a "hold" rating for the company in a report on Monday, May 5th. The Goldman Sachs Group cut their price target on Olin from $33.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Finally, Morgan Stanley cut their price target on Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a report on Monday, May 12th. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $25.57.

Olin Price Performance

Shares of NYSE OLN traded up $0.81 during mid-day trading on Monday, reaching $23.67. The company's stock had a trading volume of 1,714,787 shares, compared to its average volume of 2,406,160. The firm has a market capitalization of $2.71 billion, a PE ratio of -197.23 and a beta of 1.61. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.48 and a quick ratio of 0.88. The stock has a fifty day moving average of $21.04 and a two-hundred day moving average of $21.83. Olin Corporation has a 52 week low of $17.66 and a 52 week high of $49.60.

Olin (NYSE:OLN - Get Free Report) last announced 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). Olin had a negative net margin of 0.21% and a negative return on equity of 0.13%. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the company posted $0.62 earnings per share. Olin's quarterly revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Olin Corporation will post 1.38 EPS 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 paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. Olin's dividend payout ratio is presently -666.67%.

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.