Readystate Asset Management LP Makes New Investment in Olin Corporation $OLN

Key Points

• Readystate Asset Management LP acquired 350,842 Olin shares worth approximately $10.4 million, representing a 0.31% stake, during the first quarter.
• Institutional investors own 88.67% of Olin, while several other funds modestly increased their positions.
• Olin shares opened at $21.38, below the analyst consensus price target of $26.46. Analyst sentiment is mixed, with an overall “Hold” rating.

Readystate Asset Management LP bought a new stake in shares of Olin Corporation (NYSE:OLN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 350,842 shares of the specialty chemicals company's stock, valued at approximately $10,431,000. Readystate Asset Management LP owned 0.31% of Olin as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in OLN. Values First Advisors Inc. raised its holdings in shares of Olin by 3.4% during the first quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company's stock valued at $384,000 after purchasing an additional 425 shares during the last quarter. Covestor Ltd boosted its holdings in Olin by 10.6% in the fourth quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company's stock worth $108,000 after purchasing an additional 497 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Olin by 2.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company's stock worth $693,000 after purchasing an additional 500 shares during the last quarter. Madison Asset Management LLC grew its position in Olin by 0.6% in the 4th quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company's stock worth $2,033,000 after purchasing an additional 555 shares during the period. Finally, First Citizens Bank & Trust Co. grew its position in Olin by 2.0% in the 1st quarter. First Citizens Bank & Trust Co. now owns 31,230 shares of the specialty chemicals company's stock worth $928,000 after purchasing an additional 609 shares during the period. Hedge funds and other institutional investors own 88.67% of the company's stock.

Olin Stock Performance

OLN opened at $21.38 on Wednesday. The firm has a market cap of $2.43 billion, a P/E ratio of -19.09 and a beta of 1.21. Olin Corporation has a 1-year low of $18.08 and a 1-year high of $30.46. The company has a 50 day simple moving average of $23.03 and a two-hundred day simple moving average of $24.81. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on OLN shares. Wells Fargo & Company reissued an "overweight" rating and set a $37.00 price target on shares of Olin in a report on Sunday, May 10th. Weiss Ratings reiterated a "sell (d)" rating on shares of Olin in a research report on Friday, May 22nd. BMO Capital Markets lowered their target price on Olin from $30.00 to $25.00 and set a "market perform" rating on the stock in a report on Monday, July 6th. Wall Street Zen cut Olin from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Finally, Zacks Research upgraded Olin from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Olin presently has an average rating of "Hold" and a consensus price target of $26.46.

Olin Company Profile

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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