ARS Investment Partners LLC Cuts Stock Position in Olin Co. (NYSE:OLN)

ARS Investment Partners LLC lowered its stake in Olin Co. (NYSE:OLN - Free Report) by 54.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 77,133 shares of the specialty chemicals company's stock after selling 91,790 shares during the period. ARS Investment Partners LLC owned approximately 0.07% of Olin worth $2,607,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Farther Finance Advisors LLC boosted its position 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 during the period. Covestor Ltd boosted its stake in shares of Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock valued at $44,000 after buying an additional 715 shares during the period. Capital Performance Advisors LLP acquired a new stake in Olin during the third quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Olin by 26.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock worth $75,000 after acquiring an additional 318 shares during the period. Finally, UMB Bank n.a. raised its holdings in Olin by 4,862.5% in the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company's stock valued at $76,000 after acquiring an additional 1,556 shares in the last quarter. 88.67% of the stock is owned by institutional investors.

Olin Trading Up 1.7 %

Shares of NYSE:OLN traded up $0.57 during midday trading on Tuesday, hitting $34.34. 348,242 shares of the stock were exchanged, compared to its average volume of 1,347,823. The business's 50-day moving average price is $37.19 and its 200 day moving average price is $41.98. Olin Co. has a 12 month low of $30.69 and a 12 month 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 stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 27.72, a P/E/G ratio of 0.76 and a beta of 1.48.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.33%. The ex-dividend date was Thursday, November 14th. Olin's payout ratio is presently 64.52%.

Olin announced that its Board of Directors has initiated a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wells Fargo & Company reduced their target price on Olin from $48.00 to $44.00 and set an "equal weight" rating on the stock in a report 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. Piper Sandler cut their price target on shares of Olin from $51.00 to $41.00 and set an "overweight" rating for the company in a report on Tuesday, January 7th. KeyCorp reduced their price target on shares of Olin from $56.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, January 10th. Finally, Bank of America upgraded shares of Olin from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Olin has an average rating of "Hold" and an average target price of $47.07.

Insider Buying and Selling at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the business's stock in a transaction 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 in the company, valued at approximately $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 can be accessed through the SEC website. Insiders own 1.80% of the company's stock.

Olin Company 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.