Connor Clark & Lunn Investment Management Ltd. Buys Shares of 82,137 Olin Co. (NYSE:OLN)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Olin Co. (NYSE:OLN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 82,137 shares of the specialty chemicals company's stock, valued at approximately $2,776,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.07% of Olin at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Spire Wealth Management raised its position in Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock valued at $55,000 after purchasing an additional 1,150 shares during the last quarter. Jones Financial Companies Lllp raised its position in Olin by 59.9% in the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company's stock valued at $82,000 after purchasing an additional 911 shares during the last quarter. Blue Trust Inc. raised its position in Olin by 34.3% in the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company's stock valued at $98,000 after purchasing an additional 738 shares during the last quarter. Crews Bank & Trust purchased a new stake in Olin in the 4th quarter valued at $153,000. Finally, KBC Group NV raised its position in Olin by 82.9% in the 4th quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company's stock valued at $185,000 after purchasing an additional 2,476 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company's stock.

Analyst Ratings Changes

OLN has been the subject of several research reports. Royal Bank of Canada downgraded shares of Olin from an "outperform" rating to a "sector perform" rating and reduced their price target for the company from $45.00 to $30.00 in a research report on Tuesday, February 4th. Bank of America raised shares of Olin from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. UBS Group set a $28.00 price objective on shares of Olin in a research note on Thursday, February 27th. BMO Capital Markets dropped their price objective on shares of Olin from $44.00 to $34.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. cut shares of Olin from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $50.00 to $28.00 in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $38.38.

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Olin Price Performance

Shares of NYSE:OLN traded up $0.10 on Friday, reaching $24.98. 5,361,542 shares of the company were exchanged, compared to its average volume of 1,406,985. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. Olin Co. has a 1-year low of $22.98 and a 1-year high of $60.60. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 27.75 and a beta of 1.61. The company has a 50-day moving average of $28.26 and a 200-day moving average of $36.88.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. Equities analysts forecast that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were paid a $0.20 dividend. The ex-dividend date was Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a yield of 3.20%. Olin's payout ratio is 88.89%.

Olin declared that its board has initiated a share buyback plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Activity at Olin

In other Olin news, CEO Kenneth Todd Lane acquired 7,250 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the purchase, the chief executive officer now owns 7,250 shares in the company, valued at approximately $203,435. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

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.