Bank of New York Mellon Corp Raises Position in Olin Co. (NYSE:OLN)

Bank of New York Mellon Corp increased its position in shares of Olin Co. (NYSE:OLN - Free Report) by 8.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,305,521 shares of the specialty chemicals company's stock after purchasing an additional 97,980 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of Olin worth $44,127,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock valued at $28,000 after purchasing an additional 276 shares during the last quarter. Covestor Ltd increased its holdings 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 last quarter. Capital Performance Advisors LLP bought a new stake in Olin in the third quarter worth about $47,000. Spire Wealth Management boosted its stake in Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock valued at $55,000 after acquiring an additional 1,150 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Olin by 34.3% during the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company's stock valued at $98,000 after acquiring an additional 738 shares during the period. 88.67% of the stock is owned by institutional investors.

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Olin Trading Down 1.1 %

Shares of Olin stock traded down $0.28 during trading on Monday, reaching $24.13. 2,085,701 shares of the stock were exchanged, compared to its average volume of 1,376,906. 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 $2.78 billion, a price-to-earnings ratio of 26.81 and a beta of 1.61. 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 stock's fifty day moving average is $29.75 and its 200 day moving average is $38.00.

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

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, March 6th will be issued a $0.20 dividend. The ex-dividend date is Thursday, March 6th. This represents a $0.80 annualized dividend and a yield of 3.32%. Olin's dividend payout ratio (DPR) is presently 88.89%.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on OLN shares. Royal Bank of Canada downgraded Olin from an "outperform" rating to a "sector perform" rating and decreased their target price for the stock from $45.00 to $30.00 in a research report on Tuesday, February 4th. Truist Financial dropped their price objective on shares of Olin from $38.00 to $32.00 and set a "hold" rating on the stock in a report on Monday, February 3rd. KeyCorp reduced their target price on shares of Olin from $50.00 to $40.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Bank of America upgraded shares of Olin from a "neutral" rating to a "buy" rating and dropped their price target for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. Finally, Piper Sandler lowered shares of Olin from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $41.00 to $33.00 in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Olin currently has an average rating of "Hold" and an average target price of $38.38.

Insider Transactions at Olin

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the firm's stock in a transaction dated Tuesday, February 4th. The stock was purchased at an average price of $28.06 per share, with a total value of $203,435.00. Following the transaction, the chief executive officer now owns 7,250 shares of the company's stock, valued at approximately $203,435. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company's stock.

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.