Bank of New York Mellon Corp Lowers Stake in Olin Corporation (NYSE:OLN)

Bank of New York Mellon Corp trimmed its position in Olin Corporation (NYSE:OLN - Free Report) by 7.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,205,643 shares of the specialty chemicals company's stock after selling 99,878 shares during the period. Bank of New York Mellon Corp owned about 1.05% of Olin worth $29,225,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in Olin by 160.5% in the first 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Olin during the 1st quarter valued at approximately $31,000. Covestor Ltd lifted its stake in shares of Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock valued at $45,000 after buying an additional 419 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Olin by 183.8% during the 1st quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company's stock valued at $63,000 after buying an additional 1,713 shares in the last quarter. Finally, CoreFirst Bank & Trust purchased a new stake in shares of Olin during the 4th quarter valued at approximately $66,000. 88.67% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on OLN shares. Mizuho dropped their price target on shares of Olin from $25.00 to $24.00 and set a "neutral" rating on the stock in a research note on Tuesday. Piper Sandler lowered their target price on shares of Olin from $33.00 to $26.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Truist Financial lowered their target price on shares of Olin from $25.00 to $24.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Wall Street Zen cut shares of Olin from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Finally, Barclays lowered their target price on shares of Olin from $28.00 to $24.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $27.33.

Olin Trading Down 2.3%

Olin stock traded down $0.48 during trading hours on Friday, reaching $20.40. The stock had a trading volume of 2,336,197 shares, compared to its average volume of 1,747,259. The stock has a market cap of $2.35 billion, a PE ratio of 40.00 and a beta of 1.52. Olin Corporation has a 52 week low of $17.66 and a 52 week high of $50.61. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.56 and a quick ratio of 0.96. The company has a fifty day simple moving average of $20.70 and a 200-day simple moving average of $24.26.

Olin (NYSE:OLN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.14. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Olin had a net margin of 0.94% and a return on equity of 3.13%. The company's revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. Analysts forecast that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date was Thursday, May 15th. Olin's payout ratio is 156.86%.

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.