Mangrove Partners IM LLC Acquires New Holdings in Olin Corporation $OLN

Mangrove Partners IM LLC acquired a new stake in Olin Corporation (NYSE:OLN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 50,359 shares of the specialty chemicals company’s stock, valued at approximately $1,049,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Choreo LLC bought a new stake in shares of Olin during the 3rd quarter worth about $726,000. Invenomic Capital Management LP bought a new stake in shares of Olin during the 3rd quarter worth about $5,761,000. SG Americas Securities LLC raised its position in shares of Olin by 142.0% during the 4th quarter. SG Americas Securities LLC now owns 455,757 shares of the specialty chemicals company’s stock worth $9,493,000 after buying an additional 267,458 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Olin by 39.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 132,013 shares of the specialty chemicals company’s stock worth $2,750,000 after buying an additional 37,289 shares in the last quarter. Finally, Stanley Laman Group Ltd. bought a new stake in shares of Olin during the 4th quarter worth about $3,722,000. 88.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Royal Bank Of Canada set a $30.00 price target on shares of Olin and gave the stock a “sector perform” rating in a research report on Friday, April 10th. UBS Group boosted their price target on shares of Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Truist Financial boosted their target price on shares of Olin from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Wall Street Zen upgraded shares of Olin from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Mizuho boosted their target price on shares of Olin from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Olin presently has an average rating of “Hold” and an average target price of $28.08.

Olin Stock Down 6.6%

NYSE OLN opened at $23.62 on Wednesday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The company’s 50 day simple moving average is $26.77 and its 200 day simple moving average is $24.71. Olin Corporation has a 12 month low of $18.08 and a 12 month high of $30.46. The company has a market capitalization of $2.69 billion, a P/E ratio of -21.09 and a beta of 1.17.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, May 14th. Olin’s payout ratio is presently -71.43%.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.