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

Other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in 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 buying an additional 743 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Olin during the 1st quarter valued at about $31,000. Allworth Financial LP raised its position in shares of Olin by 188.5% during the first quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company's stock worth $37,000 after purchasing an additional 1,095 shares during the period. Farther Finance Advisors LLC raised its position in Olin by 183.8% during the first quarter. Farther Finance Advisors LLC now owns 2,645 shares of the specialty chemicals company's stock valued at $63,000 after buying an additional 1,713 shares during the period. Finally, Blue Trust Inc. increased its position in 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 purchasing an additional 2,444 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OLN. Barclays decreased their price target on shares of Olin from $28.00 to $24.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. Wall Street Zen upgraded Olin from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Morgan Stanley cut their target price on Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a research note on Monday, May 12th. UBS Group decreased their price target on Olin from $23.00 to $22.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Finally, Wells Fargo & Company decreased their price objective on shares of Olin from $22.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 30th. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $25.57.

Insider Activity

In other 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 of the company's stock, valued at $363,070.89. This represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by insiders.

Olin Stock Performance

OLN opened at $25.27 on Friday. Olin Corporation has a fifty-two week low of $17.66 and a fifty-two week high of $49.60. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -210.57 and a beta of 1.61. The company has a fifty day moving average of $21.35 and a 200 day moving average of $21.77. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.88 and a current ratio of 1.48.

Olin (NYSE:OLN - Get Free Report) last released its earnings results 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). The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.68 billion. Olin had a negative return on equity of 0.13% and a negative net margin of 0.21%.Olin's revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. As a group, sell-side analysts forecast that Olin Corporation will post 1.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Thursday, August 28th. Olin's payout ratio 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.

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