Intech Investment Management LLC Sells 12,399 Shares of Olin Co. (NYSE:OLN)

Intech Investment Management LLC cut its holdings in shares of Olin Co. (NYSE:OLN - Free Report) by 25.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,838 shares of the specialty chemicals company's stock after selling 12,399 shares during the quarter. Intech Investment Management LLC's holdings in Olin were worth $1,720,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. LRI Investments LLC purchased a new stake in Olin during the 1st quarter valued at about $28,000. Farther Finance Advisors LLC increased its stake 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 worth $28,000 after buying an additional 276 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Olin by 4,375.0% in the first quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company's stock worth $32,000 after buying an additional 525 shares during the period. nVerses Capital LLC purchased a new position in shares of Olin in the second quarter worth $33,000. Finally, Covestor Ltd increased 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 worth $44,000 after buying an additional 715 shares during the period. 88.67% of the stock is currently owned by institutional investors.

Olin Stock Down 3.5 %

Shares of NYSE:OLN traded down $1.53 during midday trading on Tuesday, reaching $42.06. The company's stock had a trading volume of 880,233 shares, compared to its average volume of 1,199,031. The firm has a 50 day moving average of $44.52 and a 200-day moving average of $46.34. The firm has a market capitalization of $4.90 billion, a P/E ratio of 35.14, a PEG ratio of 1.74 and a beta of 1.43. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. Olin Co. has a 12-month low of $39.47 and a 12-month high of $60.60.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Thursday, November 14th. Olin's payout ratio is 64.52%.

Analyst Upgrades and Downgrades

OLN has been the topic of several analyst reports. Bank of America downgraded shares of Olin from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $62.00 to $51.00 in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Olin from $57.00 to $48.00 and set a "hold" rating on the stock in a research note on Monday, July 29th. Royal Bank of Canada decreased their target price 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. JPMorgan Chase & Co. raised shares of Olin from a "neutral" rating to an "overweight" rating and set a $55.00 target price on the stock in a research note on Monday, July 29th. Finally, Piper Sandler reduced their price objective on shares of Olin from $57.00 to $51.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 30th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $51.86.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now owns 24,056 shares in the company, valued at $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 is available at this hyperlink. 1.80% of the stock is currently owned by company insiders.

About Olin

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.