Miller Financial Services LLC Buys New Holdings in Olin Co. (NYSE:OLN)

Miller Financial Services LLC purchased a new position in shares of Olin Co. (NYSE:OLN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 19,515 shares of the specialty chemicals company's stock, valued at approximately $660,000.

A number of other hedge funds have also made changes to their positions in OLN. Hotchkis & Wiley Capital Management LLC lifted its stake in Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company's stock worth $424,095,000 after purchasing an additional 531,330 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Olin by 7.4% during the fourth quarter. Pzena Investment Management LLC now owns 3,709,611 shares of the specialty chemicals company's stock worth $125,385,000 after purchasing an additional 256,903 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Olin by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,353,907 shares of the specialty chemicals company's stock worth $45,762,000 after purchasing an additional 58,208 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Olin by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,305,521 shares of the specialty chemicals company's stock worth $44,127,000 after purchasing an additional 97,980 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake 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 last quarter. Institutional investors and hedge funds own 88.67% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company restated an "equal weight" rating on shares of Olin in a research note on Monday, February 3rd. Barclays reiterated an "equal weight" rating on shares of Olin in a research note on Monday, February 3rd. Citigroup cut their target price on Olin from $48.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, December 16th. BMO Capital Markets cut their target price on Olin from $44.00 to $34.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 5th. Finally, Truist Financial cut their price objective on shares of Olin from $38.00 to $32.00 and set a "hold" rating on the stock in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $38.38.

Insider Activity at Olin

In other news, CEO Kenneth Todd Lane purchased 7,250 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average price of $28.06 per share, with a total value of $203,435.00. Following the purchase, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is currently owned by company insiders.

Olin Stock Up 3.6 %

Shares of OLN traded up $0.86 during trading hours on Friday, reaching $24.66. The company's stock had a trading volume of 1,529,550 shares, compared to its average volume of 1,389,762. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 27.40 and a beta of 1.61. Olin Co. has a 1-year low of $22.98 and a 1-year high of $60.60. 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 company has a 50 day moving average of $28.98 and a two-hundred day moving average of $37.53.

Olin (NYSE:OLN - Get Free Report) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating 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, research analysts predict that Olin Co. will post 1.38 EPS for the current fiscal year.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.24%. Olin's dividend payout ratio is 88.89%.

Olin announced that its Board of Directors has approved a stock buyback plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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.