Teacher Retirement System of Texas Sells 18,000 Shares of Olin Corporation (NYSE:OLN)

Teacher Retirement System of Texas lowered its stake in Olin Corporation (NYSE:OLN - Free Report) by 30.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,873 shares of the specialty chemicals company's stock after selling 18,000 shares during the period. Teacher Retirement System of Texas' holdings in Olin were worth $991,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OLN. Fifth Third Bancorp increased its stake 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 valued at $29,000 after buying an additional 743 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Olin during the 1st quarter worth about $31,000. Covestor Ltd lifted its position in Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock valued at $45,000 after purchasing an additional 419 shares during the period. CoreFirst Bank & Trust bought a new position in shares of Olin in the 4th quarter valued at about $66,000. Finally, Jones Financial Companies Lllp grew its position in shares of Olin by 59.9% during the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company's stock worth $82,000 after buying an additional 911 shares during the period. Institutional investors and hedge funds own 88.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Piper Sandler cut their price objective on shares of Olin from $33.00 to $26.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. KeyCorp cut their price target on Olin from $34.00 to $32.00 and set an "overweight" rating on the stock in a research note on Monday. Royal Bank Of Canada reduced their price target on Olin from $25.00 to $23.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 3rd. Barclays dropped their price objective on Olin from $28.00 to $24.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Finally, Citigroup reduced their target price on Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $27.27.

Olin Stock Down 0.4%

Shares of NYSE:OLN traded down $0.10 during midday trading on Monday, reaching $21.78. 2,375,476 shares of the company were exchanged, compared to its average volume of 1,936,879. The firm has a market cap of $2.51 billion, a PE ratio of 42.71 and a beta of 1.52. Olin Corporation has a fifty-two week low of $17.66 and a fifty-two week high of $50.75. The stock has a fifty day simple moving average of $20.68 and a two-hundred day simple moving average of $24.48. 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 released its earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.14. The firm had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.58 billion. Olin had a return on equity of 3.13% and a net margin of 0.94%. The company's revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. As a group, sell-side analysts forecast that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend was Thursday, May 15th. Olin's payout ratio is 156.86%.

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.