Principal Financial Group Inc. Sells 125,426 Shares of Olin Co. (NYSE:OLN)

Principal Financial Group Inc. reduced its stake in shares of Olin Co. (NYSE:OLN - Free Report) by 31.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 272,252 shares of the specialty chemicals company's stock after selling 125,426 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Olin worth $13,063,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. LRI Investments LLC acquired a new stake in shares of Olin during the first quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its stake in Olin by 4,375.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company's stock worth $32,000 after purchasing an additional 525 shares in the last quarter. Farther Finance Advisors LLC lifted 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 last quarter. nVerses Capital LLC purchased a new stake in Olin during the second quarter valued at about $33,000. Finally, Denver PWM LLC bought a new stake in shares of Olin in the second quarter worth about $59,000. Institutional investors and hedge funds own 88.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OLN. The Goldman Sachs Group reduced their price target on shares of Olin from $55.00 to $49.00 and set a "neutral" rating for the company in a research note on Monday, July 29th. Mizuho started coverage on shares of Olin in a research note on Thursday, August 8th. They set a "neutral" rating and a $45.00 price objective for the company. Bank of America downgraded shares of Olin from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $62.00 to $51.00 in a report on Monday, July 29th. JPMorgan Chase & Co. raised Olin from a "neutral" rating to an "overweight" rating and set a $55.00 target price for the company in a research note on Monday, July 29th. Finally, Piper Sandler cut their price target on Olin from $57.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, October 30th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $51.86.

Insider Buying and Selling

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin 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 transaction, the vice president now directly owns 24,056 shares of the company's stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by insiders.

Olin Trading Down 1.0 %

Shares of OLN stock traded down $0.43 on Friday, reaching $41.39. The company had a trading volume of 1,100,348 shares, compared to its average volume of 1,873,759. The company has a 50-day moving average of $44.50 and a 200-day moving average of $46.92. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The stock has a market cap of $4.83 billion, a PE ratio of 33.38, a PEG ratio of 1.68 and a beta of 1.43. Olin Co. has a 12 month low of $39.47 and a 12 month high of $60.60.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.93%. Olin's dividend payout ratio (DPR) is 64.52%.

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.