Connable Office Inc. Boosts Stake in Olin Co. (NYSE:OLN)

Connable Office Inc. boosted its stake in Olin Co. (NYSE:OLN) by 22.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,680 shares of the specialty chemicals company’s stock after buying an additional 1,057 shares during the quarter. Connable Office Inc.’s holdings in Olin were worth $273,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OLN. LRI Investments LLC acquired a new position in Olin in the 1st quarter valued at $28,000. Farther Finance Advisors LLC raised its holdings in Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 276 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Olin by 4,375.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 525 shares during the last quarter. nVerses Capital LLC acquired a new position in Olin in the 2nd quarter valued at $33,000. Finally, Covestor Ltd increased its holdings in shares of Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after buying an additional 715 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Stock Down 1.1 %

Shares of Olin stock opened at $41.37 on Friday. The company has a market capitalization of $4.82 billion, a PE ratio of 33.36, a P/E/G ratio of 1.74 and a beta of 1.43. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. The business has a 50-day moving average of $44.50 and a 200-day moving average of $47.04. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be paid a $0.20 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.93%. Olin’s dividend payout ratio (DPR) is 64.52%.

Insider Buying and Selling

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OLN shares. JPMorgan Chase & Co. raised Olin from a “neutral” rating to an “overweight” rating and set a $55.00 target price on the stock in a research report on Monday, July 29th. Bank of America lowered Olin from a “buy” rating to a “neutral” rating and cut their target price for the stock from $62.00 to $51.00 in a research report on Monday, July 29th. KeyCorp cut their target price on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. The Goldman Sachs Group cut their target price on Olin from $55.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday, July 29th. Finally, Wells Fargo & Company cut their price objective on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Olin has an average rating of “Hold” and a consensus target price of $51.86.

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.