Olin Corporation (NYSE:OLN) Short Interest Update

Key Points

• Short interest in Olin fell 18.5% in April to 11,045,340 shares as of April 15, equal to about 9.9% of shares short and a days-to-cover ratio of 4.2.
• Insiders have been net sellers recently: CFO Todd Slater sold 92,250 shares in February and insiders sold a total of 99,379 shares over the past three months, leaving insiders with roughly 1.6% ownership.
• Analysts' consensus is a "Hold" with an average target of $25.93 versus a recent trade near $28.49; the company reported negative EPS/margins but pays a $0.20 quarterly dividend (≈2.8% yield).

Olin Corporation (NYSE:OLN - Get Free Report) was the target of a large drop in short interest in the month of April. As of April 15th, there was short interest totaling 11,045,340 shares, a drop of 18.5% from the March 31st total of 13,544,445 shares. Based on an average daily trading volume, of 2,616,280 shares, the days-to-cover ratio is presently 4.2 days. Currently, 9.9% of the shares of the stock are short sold.

Insider Activity at Olin

In other Olin news, CFO Todd A. Slater sold 92,250 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total value of $2,073,780.00. Following the completion of the transaction, the chief financial officer owned 44,291 shares in the company, valued at approximately $995,661.68. This represents a 67.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Angela M. Castle sold 2,379 shares of the business's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $24.25, for a total transaction of $57,690.75. Following the sale, the vice president owned 1,528 shares in the company, valued at $37,054. The trade was a 60.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 99,379 shares of company stock worth $2,238,298 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Strategic Advocates LLC purchased a new stake in Olin during the 3rd quarter worth approximately $25,000. Rockefeller Capital Management L.P. grew its position in shares of Olin by 115.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company's stock worth $26,000 after buying an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Olin in the first quarter worth $32,000. Bessemer Group Inc. increased its position in shares of Olin by 712.7% in the 3rd quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company's stock worth $34,000 after purchasing an additional 1,176 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Olin by 114.0% in the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company's stock valued at $43,000 after purchasing an additional 927 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Trading Up 4.1%

Shares of NYSE OLN traded up $1.11 during trading on Thursday, hitting $28.49. 1,716,090 shares of the company traded hands, compared to its average volume of 2,172,917. The firm has a market capitalization of $3.24 billion, a P/E ratio of -74.98 and a beta of 1.37. The company has a quick ratio of 0.73, a current ratio of 1.21 and a debt-to-equity ratio of 1.45. The company has a 50-day moving average price of $26.54 and a 200-day moving average price of $23.60. Olin has a 1 year low of $18.08 and a 1 year high of $30.46.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, hitting analysts' consensus estimates of ($0.58). The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.61 billion. Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company's quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the business posted $0.09 EPS. On average, equities analysts predict that Olin will post -0.9 EPS for the current year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, March 3rd. Olin's dividend payout ratio (DPR) is presently -210.53%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Mizuho upped their target price on shares of Olin from $24.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 31st. Wells Fargo & Company raised Olin from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $25.00 to $35.00 in a research note on Monday, April 6th. BMO Capital Markets reduced their price objective on Olin from $25.00 to $24.00 and set a "market perform" rating for the company in a report on Tuesday, February 3rd. UBS Group boosted their price objective on shares of Olin from $21.00 to $29.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Finally, KeyCorp cut their target price on shares of Olin from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $25.93.

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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