Olin Co. (NYSE:OLN) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its holdings in Olin Co. (NYSE:OLN) by 3.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 142,735 shares of the specialty chemicals company’s stock after selling 4,658 shares during the quarter. Retirement Systems of Alabama owned about 0.12% of Olin worth $6,848,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC grew its position in Olin by 6.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock worth $424,095,000 after purchasing an additional 531,330 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Olin by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock worth $176,396,000 after buying an additional 194,755 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Olin by 24.8% during the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after buying an additional 685,710 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Olin by 2.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,373,519 shares of the specialty chemicals company’s stock worth $64,761,000 after acquiring an additional 33,143 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Olin by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock valued at $62,168,000 after purchasing an additional 37,043 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Insider Transactions at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Olin Stock Performance

NYSE OLN opened at $35.47 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. Olin Co. has a 1-year low of $34.85 and a 1-year high of $60.60. The company has a market cap of $4.14 billion, a PE ratio of 28.60, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43. The stock’s 50 day simple moving average is $42.61 and its 200-day simple moving average is $44.70.

Olin announced that its Board of Directors has initiated a share repurchase program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Thursday, November 14th. Olin’s dividend payout ratio is currently 64.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. KeyCorp dropped their target price on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. BMO Capital Markets lowered their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Piper Sandler reduced their price objective on Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Barclays reduced their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Finally, Royal Bank of Canada dropped their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Olin currently has an average rating of “Hold” and an average price target of $50.14.

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.