Olin Corporation $OLN Shares Sold by Gateway Investment Advisers LLC

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 lessened its stake in shares of Olin Corporation (NYSE:OLN - Free Report) by 85.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Olin in the first quarter worth about $31,000. Fifth Third Bancorp lifted its stake in shares of Olin by 160.5% in the first quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock worth $29,000 after acquiring an additional 743 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Olin in the first quarter worth about $206,000. Intech Investment Management LLC lifted its stake in shares of Olin by 48.2% in the first quarter. Intech Investment Management LLC now owns 90,214 shares of the specialty chemicals company's stock worth $2,187,000 after acquiring an additional 29,344 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Olin in the first quarter worth about $247,000. Institutional investors and hedge funds own 88.67% of the company's stock.

Insiders Place Their Bets

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total value of $126,660.00. Following the completion of the sale, the vice president directly owned 17,199 shares in the company, valued at $363,070.89. This represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. KeyCorp lowered their price objective on Olin from $32.00 to $31.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Wells Fargo & Company lowered their price objective on Olin from $22.00 to $21.00 and set an "equal weight" rating for the company in a report on Wednesday, July 30th. Wall Street Zen raised Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Royal Bank Of Canada lowered their price objective on Olin from $25.00 to $23.00 and set a "sector perform" rating for the company in a report on Thursday, July 3rd. Finally, Barclays lowered their price objective on Olin from $28.00 to $24.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Three equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $25.57.

Olin Stock Performance

OLN stock traded up $0.35 on Tuesday, reaching $23.51. The company's stock had a trading volume of 235,501 shares, compared to its average volume of 2,133,046. Olin Corporation has a 52 week low of $17.66 and a 52 week high of $49.60. The company has a market capitalization of $2.70 billion, a P/E ratio of -196.04 and a beta of 1.61. The firm has a fifty day moving average of $22.12 and a two-hundred day moving average of $21.73. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.48 and a quick ratio of 0.88.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). Olin had a negative return on equity of 0.13% and a negative net margin of 0.21%.The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company earned $0.62 earnings per share. The business's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, analysts predict that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

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 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Thursday, August 28th. Olin's dividend payout ratio is -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.