Sanctuary Advisors LLC Sells 47,048 Shares of Olin Co. (NYSE:OLN)

Sanctuary Advisors LLC lessened its holdings in Olin Co. (NYSE:OLN - Free Report) by 89.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,685 shares of the specialty chemicals company's stock after selling 47,048 shares during the quarter. Sanctuary Advisors LLC's holdings in Olin were worth $273,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in OLN. Farther Finance Advisors LLC boosted its stake in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock valued at $28,000 after purchasing an additional 276 shares during the period. nVerses Capital LLC purchased a new stake in Olin during the 2nd quarter valued at $33,000. Covestor Ltd grew its holdings in Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock worth $44,000 after acquiring an additional 715 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Olin in the third quarter valued at about $47,000. Finally, Denver PWM LLC bought a new position in shares of Olin during the second quarter valued at about $59,000. 88.67% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OLN has been the subject of a number of recent analyst reports. BMO Capital Markets decreased their target price on Olin from $50.00 to $47.00 and set a "market perform" rating for the company in a report on Tuesday, October 29th. Citigroup decreased their price objective on shares of Olin from $48.00 to $45.00 and set a "buy" rating for the company in a report on Monday, December 16th. Piper Sandler cut their target price on shares of Olin from $57.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 30th. Barclays decreased their price target on shares of Olin from $45.00 to $43.00 and set an "equal weight" rating for the company in a research note on Friday, December 13th. Finally, Royal Bank of Canada cut their price objective on Olin from $52.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 29th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $50.14.

Olin Stock Performance

OLN traded up $0.29 during mid-day trading on Friday, reaching $33.77. 1,605,452 shares of the company traded hands, compared to its average volume of 1,265,344. The company's fifty day moving average price is $40.44 and its 200-day moving average price is $43.73. The stock has a market capitalization of $3.94 billion, a P/E ratio of 27.23, a P/E/G ratio of 1.51 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 52-week low of $32.90 and a 52-week high of $60.60.

Olin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Thursday, November 14th. Olin's dividend payout ratio (DPR) is presently 64.52%.

Olin declared that its Board of Directors has authorized a stock repurchase program 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 programs are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares of the company's stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.60% of the stock is currently 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.