Olin Co. (NYSE:OLN) Position Cut by Quadrature Capital Ltd

Quadrature Capital Ltd reduced its stake in shares of Olin Co. (NYSE:OLN) by 33.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,773 shares of the specialty chemicals company’s stock after selling 8,823 shares during the quarter. Quadrature Capital Ltd’s holdings in Olin were worth $1,045,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of OLN. Hotchkis & Wiley Capital Management LLC grew its holdings in Olin by 3.2% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,602,331 shares of the specialty chemicals company’s stock worth $356,196,000 after acquiring an additional 203,260 shares during the period. Boston Partners grew its holdings in Olin by 122.8% during the fourth quarter. Boston Partners now owns 5,029,377 shares of the specialty chemicals company’s stock worth $271,152,000 after acquiring an additional 2,772,274 shares during the period. Dimensional Fund Advisors LP grew its holdings in Olin by 3.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,635,983 shares of the specialty chemicals company’s stock worth $196,167,000 after acquiring an additional 126,587 shares during the period. Balyasny Asset Management L.P. grew its holdings in Olin by 218.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,649,273 shares of the specialty chemicals company’s stock worth $88,978,000 after acquiring an additional 1,131,674 shares during the period. Finally, Norges Bank acquired a new position in Olin during the fourth quarter worth about $76,125,000. 88.67% of the stock is currently owned by institutional investors.

Olin Price Performance

NYSE:OLN traded down $3.45 during trading hours on Friday, reaching $44.59. The company had a trading volume of 4,566,635 shares, compared to its average volume of 1,183,720. The stock has a 50-day moving average of $49.67 and a two-hundred day moving average of $52.72. Olin Co. has a one year low of $41.71 and a one year high of $60.60. The firm has a market capitalization of $5.32 billion, a PE ratio of 16.04, a PEG ratio of 0.32 and a beta of 1.44. The company has a quick ratio of 0.80, a current ratio of 1.38 and a debt-to-equity ratio of 1.22.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.08). Olin had a net margin of 4.26% and a return on equity of 11.58%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the company earned $1.13 EPS. The company’s revenue was down 3.5% compared to the same quarter last year. Analysts forecast that Olin Co. will post 3.1 earnings per share for the current year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 8th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.79%. The ex-dividend date is Thursday, August 8th. Olin’s payout ratio is 28.78%.

Analyst Upgrades and Downgrades

OLN has been the topic of a number of research analyst reports. Citigroup lifted their target price on Olin from $63.00 to $67.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Royal Bank of Canada dropped their price target on Olin from $69.00 to $63.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Barclays lifted their price target on Olin from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 4th. Piper Sandler lifted their price target on Olin from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Finally, KeyCorp dropped their price target on Olin from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $59.27.

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.