HITE Hedge Asset Management LLC Makes New $3.72 Million Investment in Olin Co. (NYSE:OLN)

HITE Hedge Asset Management LLC bought a new position in shares of Olin Co. (NYSE:OLN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 110,070 shares of the specialty chemicals company's stock, valued at approximately $3,720,000. HITE Hedge Asset Management LLC owned approximately 0.09% of Olin as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Barclays PLC lifted its stake in Olin by 37.7% in the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company's stock valued at $6,042,000 after purchasing an additional 34,485 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Olin during the 3rd quarter worth approximately $256,000. Synovus Financial Corp bought a new stake in Olin in the 3rd quarter valued at $253,000. Franklin Resources Inc. boosted its position in Olin by 19.2% during the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company's stock worth $51,015,000 after purchasing an additional 172,768 shares during the period. Finally, First Hawaiian Bank raised its position in shares of Olin by 9.0% in the fourth quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company's stock valued at $732,000 after purchasing an additional 1,785 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on OLN shares. Piper Sandler lowered their price target on shares of Olin from $33.00 to $26.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Citigroup decreased their price objective on Olin from $34.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, March 27th. Royal Bank of Canada lowered shares of Olin from an "outperform" rating to a "sector perform" rating and lowered their price target for the stock from $45.00 to $30.00 in a research report on Tuesday, February 4th. Morgan Stanley decreased their target price on shares of Olin from $31.00 to $28.00 and set an "underweight" rating on the stock in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company dropped their price target on shares of Olin from $25.00 to $19.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Olin presently has a consensus rating of "Hold" and an average target price of $33.25.

Olin Price Performance

Shares of OLN traded down $0.27 during trading hours on Wednesday, reaching $21.34. The stock had a trading volume of 825,075 shares, compared to its average volume of 1,536,662. The stock has a market capitalization of $2.46 billion, a PE ratio of 23.71 and a beta of 1.50. Olin Co. has a 12 month low of $17.66 and a 12 month high of $57.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The company's 50-day moving average is $23.74 and its two-hundred day moving average is $32.99.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping 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%. Research analysts expect that Olin Co. will post 1.38 EPS for the current year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend was Thursday, March 6th. Olin's dividend payout ratio is presently 88.89%.

Insider Buying and Selling

In other Olin news, CEO Kenneth Todd Lane acquired 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The stock was purchased at an average cost 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 in the company, valued at approximately $203,435. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by insiders.

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.