Fmr LLC Sells 504,566 Shares of Olin Co. (NYSE:OLN)

FMR LLC lessened its holdings in Olin Co. (NYSE:OLN - Free Report) by 4.9% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,752,252 shares of the specialty chemicals company's stock after selling 504,566 shares during the period. FMR LLC owned approximately 8.36% of Olin worth $467,913,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. OLD National Bancorp IN lifted its holdings in Olin by 4.2% during the second quarter. OLD National Bancorp IN now owns 6,343 shares of the specialty chemicals company's stock worth $299,000 after acquiring an additional 253 shares during the period. 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. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 purchasing an additional 318 shares during the period. Scott & Selber Inc. boosted its holdings in shares of Olin by 1.7% in the 2nd quarter. Scott & Selber Inc. now owns 19,206 shares of the specialty chemicals company's stock worth $906,000 after buying an additional 326 shares during the last quarter. Finally, Entropy Technologies LP grew its position in Olin by 2.5% during the third quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company's stock valued at $648,000 after buying an additional 332 shares during the period. Hedge funds and other institutional investors own 88.67% of the company's stock.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares of the company's stock, valued at approximately $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 accessible through this link. 1.60% of the stock is owned by company insiders.

Olin Stock Down 0.3 %

OLN stock opened at $42.59 on Friday. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of 34.35, a price-to-earnings-growth ratio of 1.73 and a beta of 1.43. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The company's 50 day moving average is $44.41 and its 200 day moving average is $46.11.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Thursday, November 14th. Olin's dividend payout ratio is currently 64.52%.

Analyst Upgrades and Downgrades

OLN has been the topic of a number of research analyst reports. KeyCorp dropped their target price on shares of Olin from $57.00 to $56.00 and set an "overweight" rating on the stock in a research note on Monday, October 28th. Piper Sandler reduced their price objective on Olin from $57.00 to $51.00 and set an "overweight" rating for the company in a report on Wednesday, October 30th. Mizuho initiated coverage on Olin in a research report on Thursday, August 8th. They issued a "neutral" rating and a $45.00 target price for the company. Barclays dropped their price target on Olin from $49.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Monday, October 28th. Finally, Wells Fargo & Company lowered their price objective on Olin from $48.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $51.86.

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.