Gateway Investment Advisers LLC Sells 66,524 Shares of Olin Corporation $OLN

Key Points

• Gateway Investment Advisers LLC reduced its stake in Olin Corporation by 85.4% during the 2nd quarter, owning 11,346 shares worth $228,000 after selling 66,524 shares.
• Olin recently announced a quarterly dividend of $0.20 per share, representing an annualized dividend of $0.80 and a yield of 3.3%, despite a dividend payout ratio of -666.67%.
• Wall Street analysts have mixed ratings on Olin, with a majority rating it as a "Hold" and a target price averaging $25.57, reflecting a slight downward trend from previous estimates.

Gateway Investment Advisers LLC reduced its holdings in shares of Olin Corporation (NYSE:OLN - Free Report) by 85.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,346 shares of the specialty chemicals company's stock after selling 66,524 shares during the quarter. Gateway Investment Advisers LLC's holdings in Olin were worth $228,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Olin during the first quarter valued at about $31,000. Fifth Third Bancorp lifted its position in shares of Olin by 160.5% during the first quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock valued at $29,000 after purchasing an additional 743 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Olin during the first quarter valued at about $206,000. Intech Investment Management LLC lifted its position in shares of Olin by 48.2% during the first quarter. Intech Investment Management LLC now owns 90,214 shares of the specialty chemicals company's stock valued at $2,187,000 after purchasing an additional 29,344 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Olin during the first quarter valued at about $247,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Olin Trading Down 4.0%

NYSE:OLN traded down $0.98 during midday trading on Monday, reaching $23.18. 1,353,864 shares of the stock traded hands, compared to its average volume of 2,136,325. The company has a fifty day moving average of $22.09 and a 200 day moving average of $21.73. Olin Corporation has a 12 month low of $17.66 and a 12 month 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 has a market capitalization of $2.66 billion, a P/E ratio of -192.83 and a beta of 1.61.

Olin (NYSE:OLN - Get Free Report) last posted 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 quarter in the prior year, the company earned $0.62 earnings per share. The company's quarterly revenue was up 7.0% compared to the same quarter last year. On average, research analysts predict that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, August 28th were issued a $0.20 dividend. The ex-dividend date was Thursday, August 28th. This represents a $0.80 annualized dividend and a yield of 3.5%. Olin's dividend payout ratio is -666.67%.

Analyst Ratings Changes

A number of research analysts recently weighed in on OLN shares. Barclays dropped their price target on shares of Olin from $28.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Wall Street Zen raised shares of Olin from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Olin from $22.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 30th. Citigroup lowered their price objective on shares of Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a research report on Tuesday, July 8th. Finally, Mizuho lowered their price objective on shares of Olin from $24.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Three 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $25.57.

Insider Buying and Selling

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $21.11, for a total value of $126,660.00. Following the completion of the transaction, the vice president directly owned 17,199 shares in the company, valued at approximately $363,070.89. This represents a 25.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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.