Pzena Investment Management LLC Sells 47,072 Shares of Olin Corporation (NYSE:OLN)

Pzena Investment Management LLC reduced its holdings in Olin Corporation (NYSE:OLN - Free Report) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,662,539 shares of the specialty chemicals company's stock after selling 47,072 shares during the quarter. Pzena Investment Management LLC owned 3.18% of Olin worth $88,780,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in OLN. Fifth Third Bancorp boosted its holdings in shares of Olin by 160.5% in the 1st quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock worth $29,000 after purchasing an additional 743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Olin in the 1st quarter worth about $31,000. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Olin in the 1st quarter worth about $206,000. LPL Financial LLC boosted its holdings in shares of Olin by 218.9% in the 4th quarter. LPL Financial LLC now owns 138,477 shares of the specialty chemicals company's stock worth $4,681,000 after purchasing an additional 95,054 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Olin in the 1st quarter worth about $247,000. 88.67% of the stock is currently owned by institutional investors.

Olin Stock Down 2.3%

Shares of NYSE:OLN traded down $0.48 during trading on Friday, hitting $20.40. The stock had a trading volume of 2,336,313 shares, compared to its average volume of 1,747,260. Olin Corporation has a 12 month low of $17.66 and a 12 month high of $50.61. The company has a market capitalization of $2.35 billion, a PE ratio of 40.00 and a beta of 1.52. The firm's fifty day moving average is $20.70 and its 200 day moving average is $24.26. The company has a quick ratio of 0.96, a current ratio of 1.56 and a debt-to-equity ratio of 1.48.

Olin (NYSE:OLN - Get Free Report) last announced its earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.14. Olin had a return on equity of 3.13% and a net margin of 0.94%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the company earned $0.40 EPS. The business's revenue was up 1.2% compared to the same quarter last year. Analysts anticipate that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 15th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date was Thursday, May 15th. Olin's dividend payout ratio (DPR) is presently 156.86%.

Wall Street Analysts Forecast Growth

OLN has been the subject of several analyst reports. Morgan Stanley dropped their target price on Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a report on Monday, May 12th. Wall Street Zen cut Olin from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Piper Sandler dropped their target price on Olin from $33.00 to $26.00 and set a "neutral" rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. dropped their target price on Olin from $28.00 to $20.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group dropped their target price on Olin from $33.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $27.33.

Olin Company Profile

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.