Point72 DIFC Ltd Cuts Stock Holdings in Olin Co. (NYSE:OLN)

Point72 DIFC Ltd decreased its holdings in Olin Co. (NYSE:OLN - Free Report) by 35.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,387 shares of the specialty chemicals company's stock after selling 13,675 shares during the period. Point72 DIFC Ltd's holdings in Olin were worth $1,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Polar Asset Management Partners Inc. acquired a new position in shares of Olin in the third quarter worth $2,711,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Olin by 1,052.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 53,296 shares of the specialty chemicals company's stock worth $2,557,000 after acquiring an additional 48,671 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Olin by 6.4% in 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 acquiring an additional 531,330 shares in the last quarter. Holocene Advisors LP grew its stake in shares of Olin by 504.9% in the third quarter. Holocene Advisors LP now owns 167,186 shares of the specialty chemicals company's stock worth $8,022,000 after acquiring an additional 139,549 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in shares of Olin during the third quarter worth $330,000. Institutional investors and hedge funds own 88.67% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. KeyCorp lowered their target price on shares of Olin from $57.00 to $56.00 and set an "overweight" rating for the company in a research note on Monday, October 28th. Royal Bank of Canada lowered their target price on shares of Olin from $52.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, October 29th. BMO Capital Markets lowered their target price on shares of Olin from $50.00 to $47.00 and set a "market perform" rating for the company in a research note on Tuesday, October 29th. Wells Fargo & Company lowered their target price on shares of Olin from $48.00 to $44.00 and set an "equal weight" rating for the company in a research note on Monday, October 28th. Finally, Mizuho assumed coverage on shares of Olin in a research note on Thursday, August 8th. They set a "neutral" rating and a $45.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Olin currently has an average rating of "Hold" and an average price target of $51.86.

Insider Activity

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the transaction, the vice president now directly owns 24,056 shares of the company's stock, valued at $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.60% of the company's stock.

Olin Stock Performance

Shares of NYSE:OLN traded down $0.89 on Thursday, reaching $40.98. The company's stock had a trading volume of 920,402 shares, compared to its average volume of 1,193,984. The stock's 50-day moving average is $44.10 and its two-hundred day moving average is $45.71. Olin Co. has a 52-week low of $39.47 and a 52-week high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The stock has a market capitalization of $4.78 billion, a P/E ratio of 33.05, a PEG ratio of 1.72 and a beta of 1.43.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be issued a $0.20 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.95%. Olin's payout ratio is 64.52%.

Olin 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.