VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 61,978 Olin Corporation $OLN

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Olin Corporation (NYSE:OLN) during the second quarter, HoldingsChannel reports. The firm acquired 61,978 shares of the specialty chemicals company’s stock, valued at approximately $1,245,000.

A number of other hedge funds and other institutional investors have also modified their holdings of OLN. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Olin during the first quarter valued at about $206,000. Blue Trust Inc. raised its stake in shares of Olin by 149.4% during the first quarter. Blue Trust Inc. now owns 4,080 shares of the specialty chemicals company’s stock valued at $99,000 after purchasing an additional 2,444 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Olin during the first quarter valued at about $247,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Olin during the first quarter valued at about $31,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its stake in shares of Olin by 3.5% during the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 57,760 shares of the specialty chemicals company’s stock valued at $1,400,000 after purchasing an additional 1,960 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Olin

In other news, VP Teresa M. Vermillion sold 6,000 shares of the company’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $21.11, for a total value of $126,660.00. Following the transaction, the vice president owned 17,199 shares in the company, valued at $363,070.89. This represents a 25.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OLN shares. Bank of America lifted their price objective on shares of Olin from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Mizuho set a $26.00 price target on shares of Olin in a report on Friday, October 3rd. Wall Street Zen raised shares of Olin from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Weiss Ratings reissued a “sell (d+)” rating on shares of Olin in a report on Wednesday, October 8th. Finally, Citigroup downgraded shares of Olin from a “buy” rating to a “neutral” rating and set a $25.00 price target for the company. in a report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.71.

Olin Price Performance

OLN stock opened at $22.64 on Thursday. 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 Corporation has a one year low of $17.66 and a one year high of $45.81. The firm has a market capitalization of $2.60 billion, a PE ratio of -188.66 and a beta of 1.68. The firm has a 50-day moving average of $23.93 and a two-hundred day moving average of $21.75.

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

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Thursday, August 28th were issued a $0.20 dividend. The ex-dividend date was Thursday, August 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. Olin’s dividend payout ratio is currently -666.67%.

Olin 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.