Olin Corporation $OLN Shares Bought by Pzena Investment Management LLC

Key Points

• Pzena Investment Management LLC increased its holdings in Olin Corporation by 4.5%, owning approximately 3.33% of the company worth $76.9 million after purchasing an additional 166,482 shares.
• Olin's stock opened at $22.36, representing a decline of 10.0%, with a 12-month range between a low of $17.66 and a high of $48.00.
• The company recently announced a quarterly dividend of $0.20 per share, yielding 3.6%, despite a reported negative payout ratio of -666.67%.

Pzena Investment Management LLC grew its holdings in shares of Olin Corporation (NYSE:OLN - Free Report) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,829,021 shares of the specialty chemicals company's stock after purchasing an additional 166,482 shares during the quarter. Pzena Investment Management LLC owned approximately 3.33% of Olin worth $76,925,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Olin by 11.5% during 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 during the period. Vanguard Group Inc. raised its holdings in shares of Olin by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 11,748,584 shares of the specialty chemicals company's stock worth $284,786,000 after acquiring an additional 245,604 shares during the period. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Olin by 40.5% during 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 during the period. Dimensional Fund Advisors LP raised its holdings in shares of Olin by 14.3% during 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 during the period. Finally, Yacktman Asset Management LP raised its holdings in shares of Olin by 3.1% during the 1st quarter. Yacktman Asset Management LP now owns 4,020,243 shares of the specialty chemicals company's stock worth $97,451,000 after acquiring an additional 122,247 shares during the period. Hedge funds and other institutional investors own 88.67% of the company's stock.

Insiders Place Their Bets

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 completion of the transaction, the vice president directly owned 17,199 shares of the company's stock, valued at approximately $363,070.89. The trade was a 25.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on OLN shares. Royal Bank Of Canada reduced their price target on Olin from $25.00 to $23.00 and set a "sector perform" rating on the stock in a report on Thursday, July 3rd. UBS Group lifted their price target on Olin from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Monday, October 6th. Mizuho set a $26.00 price objective on shares of Olin in a report on Friday, October 3rd. Wells Fargo & Company boosted their price objective on shares of Olin from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Tuesday, October 7th. Finally, Wall Street Zen upgraded shares of Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Olin has a consensus rating of "Hold" and a consensus target price of $26.21.

Olin Stock Down 10.0%

Shares of OLN opened at $22.36 on Monday. The firm has a market cap of $2.56 billion, a P/E ratio of -186.33 and a beta of 1.68. 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 company's 50-day moving average price is $23.22 and its 200 day moving average price is $21.70. Olin Corporation has a 12-month low of $17.66 and a 12-month high of $48.00.

Olin (NYSE:OLN - Get Free Report) last released its 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 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 was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 earnings per share. On average, sell-side analysts forecast that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, August 28th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, August 28th. Olin's payout ratio is currently -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.

Want to see what other hedge funds are holding OLN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Olin Corporation (NYSE:OLN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.