SummitTX Capital L.P. Acquires Shares of 197,018 Olin Corporation $OLN

SummitTX Capital L.P. acquired a new stake in Olin Corporation (NYSE:OLN) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 197,018 shares of the specialty chemicals company’s stock, valued at approximately $5,857,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Values First Advisors Inc. increased its position in shares of Olin by 3.4% during the 1st quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company’s stock valued at $384,000 after purchasing an additional 425 shares during the last quarter. Covestor Ltd boosted its stake in Olin by 10.6% during the fourth quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock worth $108,000 after buying an additional 497 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Olin by 2.2% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company’s stock worth $693,000 after purchasing an additional 500 shares during the period. Madison Asset Management LLC grew its holdings in Olin by 0.6% during the 4th quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company’s stock valued at $2,033,000 after purchasing an additional 555 shares during the last quarter. Finally, First Citizens Bank & Trust Co. grew its holdings in Olin by 2.0% during the 1st quarter. First Citizens Bank & Trust Co. now owns 31,230 shares of the specialty chemicals company’s stock valued at $928,000 after purchasing an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

Shares of NYSE:OLN opened at $21.82 on Tuesday. The firm’s 50 day simple moving average is $23.12 and its 200-day simple moving average is $24.81. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.82 and a current ratio of 1.36. Olin Corporation has a one year low of $18.08 and a one year high of $30.46. The firm has a market cap of $2.49 billion, a PE ratio of -19.48 and a beta of 1.21.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. Olin’s payout ratio is -71.43%.

Wall Street Analyst Weigh In

OLN has been the subject of several analyst reports. Morgan Stanley raised their price objective on shares of Olin from $18.00 to $22.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Wells Fargo & Company reiterated an “overweight” rating and issued a $37.00 price target on shares of Olin in a report on Sunday, May 10th. Bank of America lowered Olin from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $32.00 to $21.00 in a research note on Tuesday, June 30th. Truist Financial dropped their price objective on Olin from $26.00 to $24.00 and set a “hold” rating for the company in a report on Monday, July 20th. Finally, Wall Street Zen downgraded Olin from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Olin has an average rating of “Hold” and an average target price of $26.46.

Olin Company Profile

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.