Geode Capital Management LLC Sells 4,203 Shares of Olin Co. (NYSE:OLN)

Geode Capital Management LLC trimmed its position in Olin Co. (NYSE:OLN) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,023,770 shares of the specialty chemicals company’s stock after selling 4,203 shares during the quarter. Geode Capital Management LLC owned 1.74% of Olin worth $97,125,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in OLN. Farther Finance Advisors LLC grew its stake in shares of Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 276 shares in the last quarter. nVerses Capital LLC bought a new stake in Olin in the 2nd quarter valued at about $33,000. Covestor Ltd grew its position in shares of Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 715 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Olin during the third quarter worth approximately $47,000. Finally, Denver PWM LLC acquired a new stake in shares of Olin in the second quarter valued at approximately $59,000. Institutional investors 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 firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares of the company’s stock, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

OLN has been the topic of a number of analyst reports. Citigroup reduced their price target on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday. Barclays reduced their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. KeyCorp dropped their price target on Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Royal Bank of Canada reduced 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. Finally, Wells Fargo & Company dropped their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.14.

Olin Stock Down 3.9 %

Shares of NYSE OLN opened at $34.10 on Thursday. Olin Co. has a 52-week low of $34.07 and a 52-week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The company’s 50 day moving average price is $42.36 and its 200-day moving average price is $44.62. The company has a market capitalization of $3.98 billion, a P/E ratio of 27.50, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43.

Olin announced that its board has authorized a stock repurchase plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.35%. Olin’s payout ratio is currently 64.52%.

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.