Rhumbline Advisers Sells 26,696 Shares of Olin Corporation $OLN

Key Points

• Rhumbline Advisers has reduced its position in Olin Corporation by 8.2%, selling 26,696 shares, while still holding approximately 0.26% of the company valued at $7.22 million.
• Multiple institutional investors, including Hotchkis & Wiley Capital Management and Fuller & Thaler Asset Management, increased their stakes in Olin, reflecting strong institutional interest as they collectively own 88.67% of the company's stock.
• Olin recently announced a $0.20 quarterly dividend with an ex-dividend date of August 28th, representing a 3.0% yield, amidst an earnings miss in its latest quarterly results.

Rhumbline Advisers reduced its stake in shares of Olin Corporation (NYSE:OLN - Free Report) by 8.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,000 shares of the specialty chemicals company's stock after selling 26,696 shares during the period. Rhumbline Advisers owned 0.26% of Olin worth $7,223,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OLN. Ethic Inc. bought a new position in Olin during the fourth quarter valued at about $451,000. Graham Capital Management L.P. acquired a new stake in Olin during the fourth quarter worth about $511,000. Gotham Asset Management LLC acquired a new stake in Olin during the fourth quarter valued at approximately $857,000. Millennium Management LLC raised its stake in shares of Olin by 9.1% in the fourth quarter. Millennium Management LLC now owns 3,201,233 shares of the specialty chemicals company's stock valued at $108,202,000 after acquiring an additional 265,745 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Olin in the fourth quarter valued at approximately $335,000. 88.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OLN has been the subject of several recent research reports. Citigroup dropped their target price on shares of Olin from $26.00 to $25.00 and set a "buy" rating for the company in a research report on Tuesday, July 8th. KeyCorp reduced their price objective on shares of Olin from $32.00 to $31.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Mizuho lowered their price target on shares of Olin from $24.00 to $23.00 and set a "neutral" rating on the stock in a report on Tuesday, July 29th. Finally, Wells Fargo & Company lowered their price target on shares of Olin from $22.00 to $21.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 30th. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $25.57.

Insiders Place Their Bets

In other Olin news, VP Teresa M. Vermillion sold 6,000 shares of the firm's stock in a transaction that occurred 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 sale, the vice president owned 17,199 shares in the company, valued at $363,070.89. This trade represents a 25.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.70% of the stock is owned by corporate insiders.

Olin Price Performance

Olin stock traded down $0.09 during mid-day trading on Wednesday, reaching $25.32. The company had a trading volume of 428,092 shares, compared to its average volume of 2,119,437. Olin Corporation has a fifty-two week low of $17.66 and a fifty-two week high of $49.60. 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 has a market cap of $2.90 billion, a P/E ratio of -211.04 and a beta of 1.61. The business has a fifty day simple moving average of $21.94 and a 200 day simple moving average of $21.74.

Olin (NYSE:OLN - Get Free Report) last issued its earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share 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 company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the business earned $0.62 EPS. The business's quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts predict that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The business 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. The ex-dividend date was Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.2%. Olin's dividend payout ratio (DPR) 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.