Allspring Global Investments Holdings LLC Reduces Stock Position in Olin Co. (NYSE:OLN)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Olin Co. (NYSE:OLN - Free Report) by 8.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,083,581 shares of the specialty chemicals company's stock after selling 95,962 shares during the period. Allspring Global Investments Holdings LLC owned about 0.88% of Olin worth $58,459,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Baystate Wealth Management LLC lifted its holdings in shares of Olin by 154.6% in the third quarter. Baystate Wealth Management LLC now owns 494 shares of the specialty chemicals company's stock worth $25,000 after acquiring an additional 300 shares during the last quarter. Salem Investment Counselors Inc. acquired a new stake in Olin in the first quarter valued at approximately $26,000. Covestor Ltd grew its stake in shares of Olin by 76.7% during the third quarter. Covestor Ltd now owns 659 shares of the specialty chemicals company's stock worth $33,000 after buying an additional 286 shares during the last quarter. Quarry LP grew its stake in shares of Olin by 508.6% during the first quarter. Quarry LP now owns 706 shares of the specialty chemicals company's stock worth $39,000 after buying an additional 590 shares during the last quarter. Finally, Motco acquired a new position in shares of Olin during the third quarter worth $40,000. 88.67% of the stock is currently owned by institutional investors.

Olin Stock Performance

Shares of NYSE:OLN traded down $0.28 during midday trading on Thursday, reaching $56.15. The company had a trading volume of 1,008,029 shares, compared to its average volume of 1,048,016. Olin Co. has a 52-week low of $41.71 and a 52-week high of $60.60. The company's 50 day moving average price is $55.07 and its 200 day moving average price is $51.15. The company has a current ratio of 1.29, a quick ratio of 0.73 and a debt-to-equity ratio of 1.14. The stock has a market cap of $6.72 billion, a P/E ratio of 15.86, a P/E/G ratio of 0.32 and a beta of 1.44.

Olin (NYSE:OLN - Get Free Report) last released its earnings results on Thursday, January 25th. The specialty chemicals company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.10. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.50 billion. Olin had a net margin of 6.74% and a return on equity of 18.44%. As a group, sell-side analysts anticipate that Olin Co. will post 3.75 EPS for the current fiscal year.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, March 7th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.42%. Olin's payout ratio is presently 22.60%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Stifel Nicolaus boosted their target price on Olin from $65.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, January 29th. The Goldman Sachs Group boosted their price target on shares of Olin from $55.00 to $61.00 and gave the company a "neutral" rating in a research note on Tuesday, January 30th. Wells Fargo & Company boosted their target price on shares of Olin from $56.00 to $60.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 3rd. UBS Group lifted their price target on Olin from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Friday, January 26th. Finally, KeyCorp raised their target price on Olin from $66.00 to $78.00 and gave the company an "overweight" rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $59.00.

Insider Activity

In other news, CFO Todd A. Slater sold 63,250 shares of the business's stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $54.15, for a total value of $3,424,987.50. Following the sale, the chief financial officer now owns 137,517 shares of the company's stock, valued at $7,446,545.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Olin news, CEO Scott Mcdougald Sutton sold 48,896 shares of Olin stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $52.39, for a total transaction of $2,561,661.44. Following the completion of the transaction, the chief executive officer now owns 90,327 shares of the company's stock, valued at approximately $4,732,231.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Todd A. Slater sold 63,250 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $54.15, for a total transaction of $3,424,987.50. Following the completion of the sale, the chief financial officer now directly owns 137,517 shares in the company, valued at $7,446,545.55. The disclosure for this sale can be found here. Insiders have sold 753,274 shares of company stock valued at $40,434,124 in the last 90 days. Insiders own 1.80% of the company's stock.

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.