Allspring Global Investments Holdings LLC Lowers Position in Olin Co. (NYSE:OLN)

Allspring Global Investments Holdings LLC lessened its holdings in Olin Co. (NYSE:OLN - Free Report) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 984,736 shares of the specialty chemicals company's stock after selling 76,265 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.84% of Olin worth $33,008,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock worth $28,000 after buying an additional 276 shares during the period. Covestor Ltd boosted its stake in Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock worth $44,000 after buying an additional 715 shares during the period. Capital Performance Advisors LLP purchased a new position in Olin during the third quarter worth $47,000. Spire Wealth Management boosted its stake in Olin by 246.8% during the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock worth $55,000 after buying an additional 1,150 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock worth $75,000 after buying an additional 318 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OLN. Wells Fargo & Company lowered their target price on shares of Olin from $40.00 to $31.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Piper Sandler lowered shares of Olin from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $41.00 to $33.00 in a research note on Thursday, February 13th. Bank of America raised shares of Olin from a "neutral" rating to a "buy" rating and lowered their target price for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. Royal Bank of Canada lowered shares of Olin from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $45.00 to $30.00 in a research note on Tuesday, February 4th. Finally, UBS Group lowered their target price on shares of Olin from $35.00 to $34.00 and set a "neutral" rating for the company in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $40.44.

Insider Activity at Olin

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The shares were purchased at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the transaction, the chief executive officer now directly owns 7,250 shares in the company, valued at approximately $203,435. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is owned by insiders.

Olin Stock Up 2.6 %

Shares of OLN traded up $0.72 during mid-day trading on Tuesday, hitting $28.40. 493,724 shares of the company traded hands, compared to its average volume of 1,818,682. Olin Co. has a 1-year low of $26.48 and a 1-year high of $60.60. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $3.31 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45. The business has a 50 day moving average of $32.35 and a 200 day moving average of $39.57.

Olin (NYSE:OLN - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. Equities research analysts anticipate that Olin Co. will post 1.83 EPS for the current year.

Olin announced that its Board of Directors has approved 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 buy up to 45% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.