Penn Capital Management Company LLC Buys Shares of 29,392 Olin Co. (NYSE:OLN)

Penn Capital Management Company LLC purchased a new stake in Olin Co. (NYSE:OLN – Get Rating) during the second quarter, Holdings Channel reports. The firm purchased 29,392 shares of the specialty chemicals company’s stock, valued at approximately $1,360,000.

Other institutional investors also recently bought and sold shares of the company. Salem Investment Counselors Inc. purchased a new position in shares of Olin during the 1st quarter valued at approximately $26,000. Wellington Shields Capital Management LLC purchased a new stake in Olin during the first quarter worth about $28,000. FNY Investment Advisers LLC increased its stake in Olin by 56.8% during the second quarter. FNY Investment Advisers LLC now owns 712 shares of the specialty chemicals company’s stock worth $32,000 after purchasing an additional 258 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Olin during the second quarter worth approximately $32,000. Finally, Charter Oak Capital Management LLC purchased a new stake in shares of Olin during the second quarter worth approximately $35,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.

Olin Stock Performance

Olin stock opened at $54.74 on Friday. The stock’s 50 day moving average price is $52.96 and its 200 day moving average price is $52.80. The firm has a market capitalization of $7.50 billion, a PE ratio of 5.88, a price-to-earnings-growth ratio of 3.29 and a beta of 1.43. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.83 and a current ratio of 1.41. Olin Co. has a one year low of $41.33 and a one year high of $67.25.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Thursday, November 10th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Wednesday, November 9th. Olin’s dividend payout ratio (DPR) is presently 8.59%.

Insider Buying and Selling

In other Olin news, COO James A. Varilek sold 50,000 shares of Olin stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $56.56, for a total transaction of $2,828,000.00. Following the sale, the chief operating officer now directly owns 17,761 shares in the company, valued at approximately $1,004,562.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Piper Sandler decreased their price objective on Olin from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, October 10th. Wells Fargo & Company set a $69.00 price target on Olin in a research report on Thursday, November 17th. Credit Suisse Group lifted their price objective on Olin from $40.00 to $45.00 and gave the stock an “underperform” rating in a research report on Thursday, October 27th. Citigroup raised their price target on Olin to $55.00 in a research note on Tuesday, November 1st. Finally, Barclays lifted their price objective on Olin from $54.00 to $60.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.09.

Olin Profile

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Olin Corporation manufactures and distributes chemical products in the United States, Europe, and internationally. 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, chlorinated organics intermediates and solvents, and sodium hypochlorite.