Olin (NYSE:OLN) Shares Down 4.9% - Here's What Happened

Key Points

• Olin shares fell 4.9% on Thursday, trading as low as $19.91 after closing at $21.00, with volume well below average.
• Analyst sentiment remains mixed, but recent moves were mostly negative: Bank of America cut Olin to underperform and Wall Street Zen downgraded it to sell. The stock’s consensus rating is still Hold with an average price target of $27.15.
• Olin recently paid a $0.20 quarterly dividend, equal to an annualized yield of about 4.0%, while hedge funds and other institutional investors continue to hold a large majority of the shares.

Olin Corporation (NYSE:OLN - Get Free Report) shares fell 4.9% during mid-day trading on Thursday . The company traded as low as $19.91 and last traded at $19.9750. Approximately 1,116,834 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 2,966,617 shares. The stock had previously closed at $21.00.

Analyst Upgrades and Downgrades

A number of analysts have commented on OLN shares. Truist Financial upped their target price on shares of Olin from $20.00 to $26.00 and gave the company a "hold" rating in a report on Monday, May 11th. Weiss Ratings reissued a "sell (d)" rating on shares of Olin in a research report on Friday, May 22nd. Bank of America lowered Olin from a "buy" rating to an "underperform" rating and reduced their price objective for the stock from $32.00 to $21.00 in a research note on Tuesday, June 30th. Wall Street Zen downgraded Olin from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Finally, UBS Group boosted their price target on Olin from $29.00 to $31.00 and gave the company a "neutral" rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Olin currently has a consensus rating of "Hold" and a consensus price target of $27.15.

Olin Trading Down 5.0%

The firm has a market capitalization of $2.27 billion, a P/E ratio of -17.84 and a beta of 1.21. The stock's 50-day simple moving average is $24.56 and its two-hundred day simple moving average is $24.70. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Thursday, May 14th. Olin's dividend payout ratio is presently -71.43%.

Hedge Funds Weigh In On Olin

Several large investors have recently made changes to their positions in the business. Orbis Allan Gray Ltd grew its stake in Olin by 448.9% during the fourth quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company's stock valued at $79,249,000 after acquiring an additional 3,111,393 shares in the last quarter. Millennium Management LLC increased its holdings in Olin by 1,063.0% in the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company's stock valued at $62,143,000 after acquiring an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC lifted its stake in Olin by 141.3% in the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company's stock worth $48,087,000 after purchasing an additional 1,126,809 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Olin by 22.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company's stock valued at $167,311,000 after purchasing an additional 1,031,498 shares during the last quarter. Finally, Amundi bought a new position in shares of Olin during the 3rd quarter valued at about $24,418,000. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.