Raymond James Financial Inc. Sells 37,838 Shares of Olin Corporation $OLN

Key Points

• Raymond James Financial Inc. reduced its holdings in Olin Corporation by 18.9%, owning 162,735 shares valued at approximately $3.9 million after selling 37,838 shares.
• Fifth Third Bancorp significantly increased its stake in Olin by 160.5% during the first quarter, with other institutional investors also adjusting their positions.
• Olin recently announced a quarterly dividend of $0.20 per share with a dividend yield of 3.2%, despite reporting a miss in earnings per share for the last quarter.

Raymond James Financial Inc. decreased its holdings in shares of Olin Corporation (NYSE:OLN - Free Report) by 18.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 162,735 shares of the specialty chemicals company's stock after selling 37,838 shares during the period. Raymond James Financial Inc. owned about 0.14% of Olin worth $3,945,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. 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 acquiring an additional 743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Olin in the 1st quarter worth approximately $31,000. Allworth Financial LP boosted its holdings in shares of Olin by 188.5% in the 1st quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company's stock worth $37,000 after acquiring an additional 1,095 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Olin by 183.8% in the 1st quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company's stock worth $63,000 after acquiring an additional 1,713 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Olin by 149.4% in the 1st quarter. Blue Trust Inc. now owns 4,080 shares of the specialty chemicals company's stock worth $99,000 after acquiring an additional 2,444 shares in the last quarter. Institutional investors own 88.67% of the company's stock.

Wall Street Analysts Forecast Growth

OLN has been the topic of several recent analyst reports. Mizuho reduced their target price on Olin from $24.00 to $23.00 and set a "neutral" rating on the stock in a report on Tuesday, July 29th. KeyCorp reduced their target price on Olin from $32.00 to $31.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Wells Fargo & Company reduced their target price on Olin from $22.00 to $21.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 30th. Royal Bank Of Canada reduced their target price on Olin from $25.00 to $23.00 and set a "sector perform" rating on the stock in a report on Thursday, July 3rd. Finally, Wall Street Zen raised Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $25.57.

Insider Activity at Olin

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 transaction of $126,660.00. Following the completion of the sale, the vice president owned 17,199 shares in the company, valued at approximately $363,070.89. The trade was a 25.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company's stock.

Olin Trading Up 5.8%

NYSE:OLN traded up $1.49 during trading hours on Thursday, hitting $27.00. 3,736,545 shares of the stock were exchanged, compared to its average volume of 2,156,438. The company's 50 day moving average is $21.70 and its two-hundred day moving average is $21.77. Olin Corporation has a twelve month low of $17.66 and a twelve month high of $49.60. The company has a quick ratio of 0.88, a current ratio of 1.48 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $3.10 billion, a P/E ratio of -225.00 and a beta of 1.61.

Olin (NYSE:OLN - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $0.62 EPS. The firm's quarterly revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, August 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. Olin's payout ratio is presently -666.67%.

Olin 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.