Olin (NYSE:OLN) Trading 7.5% Higher – Here’s Why

Olin Corporation (NYSE:OLN) shares shot up 7.5% on Friday . The company traded as high as $22.38 and last traded at $22.61. 157,260 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 2,068,791 shares. The stock had previously closed at $21.03.

Analyst Ratings Changes

A number of brokerages have weighed in on OLN. Wall Street Zen raised Olin from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. UBS Group lowered their price objective on Olin from $23.00 to $22.00 and set a “neutral” rating on the stock in a report on Tuesday, July 29th. Morgan Stanley lowered their price objective on Olin from $28.00 to $20.00 and set an “underweight” rating on the stock in a report on Monday, May 12th. Barclays lowered their price objective on Olin from $28.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 28th. Finally, Truist Financial decreased their price target on Olin from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.57.

Olin Price Performance

The company has a 50 day moving average price of $20.60 and a 200 day moving average price of $22.08. The firm has a market cap of $2.65 billion, a PE ratio of -192.70 and a beta of 1.55. The company has a current ratio of 1.48, a quick ratio of 0.88 and a debt-to-equity ratio of 1.50.

Olin (NYSE:OLN) last announced its quarterly earnings results on Monday, July 28th. The specialty chemicals company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). Olin had a negative return on equity of 0.13% and a negative net margin of 0.21%.The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the firm earned $0.62 EPS. Olin’s revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts expect that Olin Corporation will post 1.38 EPS for the current year.

Olin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.5%. Olin’s dividend payout ratio is presently -666.67%.

Insider Transactions at Olin

In related news, VP Teresa M. Vermillion sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total value of $126,660.00. Following the sale, the vice president owned 17,199 shares of the company’s stock, valued at approximately $363,070.89. This represents a 25.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Olin

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC lifted its stake in Olin by 11.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 12,191,163 shares of the specialty chemicals company’s stock valued at $295,514,000 after buying an additional 1,259,795 shares in the last quarter. Vanguard Group Inc. lifted its stake in Olin by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 11,748,584 shares of the specialty chemicals company’s stock valued at $284,786,000 after buying an additional 245,604 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Olin by 40.5% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 6,384,744 shares of the specialty chemicals company’s stock valued at $154,766,000 after buying an additional 1,840,900 shares in the last quarter. State Street Corp lifted its stake in Olin by 1.1% in the 2nd quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock valued at $97,043,000 after buying an additional 50,309 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Olin by 14.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,546,352 shares of the specialty chemicals company’s stock worth $110,204,000 after purchasing an additional 569,483 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

About Olin

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.