Olin (NYSE:OLN) Stock Price Down 5.1% – Here’s What Happened

Olin Corporation (NYSE:OLN) traded down 5.1% during mid-day trading on Tuesday . The stock traded as low as $27.88 and last traded at $27.9420. 797,901 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 3,218,496 shares. The stock had previously closed at $29.43.

Wall Street Analyst Weigh In

OLN has been the subject of a number of research analyst reports. Truist Financial cut their price objective on shares of Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, February 2nd. Morgan Stanley lowered their price target on Olin from $20.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, February 2nd. Royal Bank Of Canada set a $30.00 price target on Olin and gave the company a “sector perform” rating in a report on Friday, April 10th. UBS Group raised their price objective on Olin from $21.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Finally, Zacks Research raised Olin from a “strong sell” rating to a “hold” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $25.93.

Olin Stock Performance

The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -73.53 and a beta of 1.37. The firm’s 50-day moving average price is $26.11 and its two-hundred day moving average price is $23.43. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.73 and a current ratio of 1.21.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, hitting analysts’ consensus estimates of ($0.58). The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. Sell-side analysts predict that Olin Corporation will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, March 3rd. Olin’s dividend payout ratio is currently -210.53%.

Insiders Place Their Bets

In other news, VP Angela M. Castle sold 2,379 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the sale, the vice president owned 1,528 shares of the company’s stock, valued at approximately $37,054. This represents a 60.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP R Nichole Sumner sold 4,750 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total transaction of $106,827.50. Following the sale, the vice president owned 24,771 shares of the company’s stock, valued at $557,099.79. This trade represents a 16.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 99,379 shares of company stock worth $2,238,298 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Olin

Several large investors have recently added to or reduced their stakes in OLN. Orbis Allan Gray Ltd raised its stake in shares of Olin by 448.9% in the fourth quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after acquiring an additional 3,111,393 shares during the last quarter. Millennium Management LLC grew its position in Olin by 1,063.0% during the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after acquiring an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC grew its position in Olin by 141.3% during the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after acquiring an additional 1,126,809 shares during the last quarter. Amundi acquired a new stake in Olin during the 3rd quarter valued at $24,418,000. Finally, AQR Capital Management LLC increased its holdings in Olin by 80.5% during the 3rd quarter. AQR Capital Management LLC now owns 1,811,533 shares of the specialty chemicals company’s stock valued at $44,564,000 after purchasing an additional 807,846 shares in the last quarter. 88.67% of the stock is owned by institutional investors.

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.