Lmcg Investments LLC Reduces Stock Position in Olin Co. (NYSE:OLN)

Lmcg Investments LLC reduced its stake in shares of Olin Co. (NYSE:OLN - Free Report) by 72.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,718 shares of the specialty chemicals company's stock after selling 23,039 shares during the period. Lmcg Investments LLC's holdings in Olin were worth $295,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its holdings 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 worth $28,000 after acquiring an additional 276 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock valued at $75,000 after purchasing an additional 318 shares during the last quarter. Entropy Technologies LP grew its holdings in shares of Olin by 2.5% during the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company's stock worth $648,000 after purchasing an additional 332 shares during the period. Nisa Investment Advisors LLC raised its holdings in Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company's stock valued at $568,000 after buying an additional 350 shares during the period. Finally, Captrust Financial Advisors lifted its position in Olin by 14.4% in the third quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company's stock valued at $240,000 after buying an additional 630 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company's stock.

Insider Buying and Selling at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the firm'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 completion of the sale, the vice president now owns 24,056 shares in the company, valued at $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on OLN shares. Citigroup lowered their price objective on shares of Olin from $48.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, December 16th. 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. Wells Fargo & Company dropped their price objective on shares of Olin from $48.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Bank of America raised Olin from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $48.00 to $40.00 in a research report on Tuesday, January 14th. Finally, Piper Sandler lowered their target price on Olin from $51.00 to $41.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $47.07.

Olin Stock Performance

NYSE OLN traded down $0.83 on Wednesday, reaching $33.59. The stock had a trading volume of 900,853 shares, compared to its average volume of 1,382,981. 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 cap of $3.92 billion, a P/E ratio of 27.08, a price-to-earnings-growth ratio of 0.76 and a beta of 1.48. The business's 50-day moving average price is $37.02 and its 200 day moving average price is $41.90. Olin Co. has a 12-month low of $30.69 and a 12-month high of $60.60.

Olin announced that its Board of Directors has approved a stock buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Thursday, November 14th. Olin's dividend payout ratio (DPR) is presently 64.52%.

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.