Olin Corporation $OLN Shares Sold by Readystate Asset Management LP

Key Points

• Readystate Asset Management cut its Olin stake by 78.4% in the second quarter, selling 274,907 shares and retaining 75,935 shares valued at approximately $1.5 million. Institutional investors collectively own 88.67% of Olin.
• Analyst sentiment remains cautious: Olin has a consensus rating of “Reduce” and an average price target of $22.62, with several firms lowering their targets and one analyst issuing a “strong sell” rating.
• Olin reported a quarterly loss of $0.12 per share, missing estimates, while revenue declined 0.9% year over year to $1.74 billion. The company declared a quarterly dividend of $0.20, representing a 4.6% annualized yield.

Readystate Asset Management LP decreased its holdings in Olin Corporation (NYSE:OLN - Free Report) by 78.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,935 shares of the specialty chemicals company's stock after selling 274,907 shares during the quarter. Readystate Asset Management LP owned about 0.07% of Olin worth $1,505,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in OLN. Rockefeller Capital Management L.P. increased its stake in Olin by 115.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company's stock valued at $26,000 after purchasing an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Olin in the 1st quarter valued at about $32,000. Sunbelt Securities Inc. purchased a new position in shares of Olin during the first quarter valued at approximately $45,000. NewEdge Advisors LLC lifted its stake in shares of Olin by 45.0% during the 3rd quarter. NewEdge Advisors LLC now owns 2,323 shares of the specialty chemicals company's stock worth $58,000 after purchasing an additional 721 shares during the period. Finally, UMB Bank n.a. lifted its position in Olin by 34.0% during the fourth quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company's stock worth $54,000 after buying an additional 659 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OLN shares. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Olin from $30.00 to $20.00 and set a "hold" rating on the stock in a report on Tuesday, August 25th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Olin in a research report on Wednesday, August 19th. UBS Group lowered their target price on Olin from $23.00 to $21.00 and set a "neutral" rating for the company in a research note on Monday, August 3rd. JPMorgan Chase & Co. dropped their price target on shares of Olin from $26.00 to $25.00 and set a "neutral" rating for the company in a research note on Thursday, June 18th. Finally, Wall Street Zen cut Olin from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $22.62.

Olin Trading Up 0.1%

Shares of NYSE:OLN opened at $17.39 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. The company's 50-day moving average price is $19.71 and its 200 day moving average price is $23.71. The company has a market cap of $1.98 billion, a PE ratio of -14.14 and a beta of 1.20. Olin Corporation has a fifty-two week low of $16.73 and a fifty-two week high of $30.46.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.25). Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%.The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the company earned ($0.01) earnings per share. The business's quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts anticipate that Olin Corporation will post -0.68 earnings per share for the current year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 4.6%. Olin's dividend payout ratio (DPR) is -65.04%.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company's core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin's chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.

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