239,088 Shares in Olin Corporation $OLN Acquired by Nuveen LLC

Key Points

• Nuveen LLC acquired a new position in Olin Corporation, purchasing 239,088 shares valued at approximately $5.80 million, representing about 0.21% ownership of the company.
• Institutional investors collectively own 88.67% of Olin's stock, with several firms increasing their stakes during the recent quarter.
• Olin recently announced a quarterly dividend of $0.20 per share, indicating a 3.5% annualized dividend yield despite a negative payout ratio.

Nuveen LLC purchased a new stake in shares of Olin Corporation (NYSE:OLN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 239,088 shares of the specialty chemicals company's stock, valued at approximately $5,795,000. Nuveen LLC owned about 0.21% of Olin at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Invesco Ltd. lifted its holdings in Olin by 2.6% during the 1st quarter. Invesco Ltd. now owns 408,583 shares of the specialty chemicals company's stock valued at $9,904,000 after purchasing an additional 10,526 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Olin by 240.9% during the first quarter. Covestor Ltd now owns 4,547 shares of the specialty chemicals company's stock worth $110,000 after buying an additional 3,213 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Olin by 213.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 257,131 shares of the specialty chemicals company's stock worth $6,233,000 after buying an additional 174,994 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Olin by 5.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,425,907 shares of the specialty chemicals company's stock worth $34,564,000 after buying an additional 72,000 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Olin by 2.1% during the first quarter. Vanguard Group Inc. now owns 11,748,584 shares of the specialty chemicals company's stock worth $284,786,000 after buying an additional 245,604 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company's stock.

Wall Street Analyst Weigh In

OLN has been the subject of a number of research reports. Mizuho dropped their target price on Olin from $24.00 to $23.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Wall Street Zen raised Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. dropped their target price on Olin from $28.00 to $20.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. KeyCorp dropped their target price on Olin from $32.00 to $31.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Finally, UBS Group dropped their target price on Olin from $23.00 to $22.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $25.57.

Olin Price Performance

Olin stock traded up $0.81 during midday trading on Friday, reaching $23.67. The company's stock had a trading volume of 1,714,742 shares, compared to its average volume of 2,086,887. The stock has a market cap of $2.71 billion, a PE ratio of -197.23 and a beta of 1.55. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 1.50. The business has a 50-day moving average price of $20.87 and a 200-day moving average price of $21.98. 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 released its quarterly earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.68 billion. Olin had a negative return on equity of 0.13% and a negative net margin of 0.21%.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 posted $0.62 earnings per share. On average, sell-side analysts predict that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders 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 dividend yield of 3.4%. The ex-dividend date is Thursday, August 28th. Olin's payout ratio is -666.67%.

Insider Buying and Selling at Olin

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

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.