Millennium Management LLC Purchases 265,745 Shares of Olin Co. (NYSE:OLN)

Millennium Management LLC raised its stake in shares of Olin Co. (NYSE:OLN - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,201,233 shares of the specialty chemicals company's stock after purchasing an additional 265,745 shares during the quarter. Millennium Management LLC owned approximately 2.75% of Olin worth $108,202,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Thrivent Financial for Lutherans boosted its stake in shares of Olin by 5,746.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,613,796 shares of the specialty chemicals company's stock valued at $54,546,000 after purchasing an additional 1,586,192 shares in the last quarter. Norges Bank bought a new position in Olin in the fourth quarter worth about $47,887,000. Fuller & Thaler Asset Management Inc. lifted its holdings in Olin by 11.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 4,543,844 shares of the specialty chemicals company's stock worth $153,582,000 after buying an additional 467,680 shares during the period. Marshall Wace LLP boosted its position in Olin by 1,960.7% during the 4th quarter. Marshall Wace LLP now owns 344,962 shares of the specialty chemicals company's stock valued at $11,660,000 after acquiring an additional 328,222 shares in the last quarter. Finally, Pzena Investment Management LLC grew its holdings in shares of Olin by 7.4% during the 4th quarter. Pzena Investment Management LLC now owns 3,709,611 shares of the specialty chemicals company's stock worth $125,385,000 after acquiring an additional 256,903 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Stock Up 0.1%

Shares of NYSE:OLN traded up $0.03 during trading on Friday, reaching $21.12. 1,340,640 shares of the stock traded hands, compared to its average volume of 1,606,849. The stock has a market cap of $2.43 billion, a P/E ratio of 23.47 and a beta of 1.56. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The stock has a 50-day moving average of $22.20 and a two-hundred day moving average of $30.01. Olin Co. has a 52-week low of $17.66 and a 52-week high of $56.98.

Olin (NYSE:OLN - Get Free Report) last issued its earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.14. Olin had a return on equity of 5.10% and a net margin of 1.66%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the business posted $0.40 EPS. The company's revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts expect that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, May 15th. This represents a $0.80 annualized dividend and a yield of 3.79%. Olin's dividend payout ratio (DPR) is 156.86%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OLN. Piper Sandler dropped their price target on Olin from $33.00 to $26.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Truist Financial dropped their target price on shares of Olin from $25.00 to $24.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Morgan Stanley decreased their price target on shares of Olin from $28.00 to $20.00 and set an "underweight" rating for the company in a research note on Monday, May 12th. Mizuho set a $23.00 price objective on shares of Olin in a research note on Tuesday, April 15th. Finally, The Goldman Sachs Group decreased their target price on shares of Olin from $33.00 to $25.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Olin currently has a consensus rating of "Hold" and a consensus target price of $28.07.

Olin Company 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.