Raymond James Financial Inc. Makes New $6.78 Million Investment in Olin Co. (NYSE:OLN)

Raymond James Financial Inc. bought a new position in shares of Olin Co. (NYSE:OLN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 200,573 shares of the specialty chemicals company's stock, valued at approximately $6,779,000. Raymond James Financial Inc. owned approximately 0.17% of Olin at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC boosted its position in shares of Olin by 2,101.8% in the fourth quarter. Proficio Capital Partners LLC now owns 119,821 shares of the specialty chemicals company's stock valued at $4,050,000 after acquiring an additional 114,379 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Olin by 4.5% in the 4th 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 in the last quarter. Jones Financial Companies Lllp boosted its holdings in Olin by 59.9% in the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company's stock valued at $82,000 after purchasing an additional 911 shares during the period. Connable Office Inc. grew its position in shares of Olin by 9.3% during the 4th quarter. Connable Office Inc. now owns 6,207 shares of the specialty chemicals company's stock valued at $210,000 after purchasing an additional 527 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of Olin by 34.4% in the fourth quarter. Illinois Municipal Retirement Fund now owns 65,395 shares of the specialty chemicals company's stock worth $2,210,000 after purchasing an additional 16,728 shares during the period. 88.67% of the stock is owned by institutional investors.

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Insider Activity at Olin

In other Olin news, CEO Kenneth Todd Lane acquired 7,250 shares of the business's stock in a transaction dated Tuesday, February 4th. The shares were purchased at an average cost of $28.06 per share, for a total transaction of $203,435.00. Following the transaction, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Olin Trading Up 0.1 %

OLN stock traded up $0.03 during midday trading on Wednesday, hitting $24.76. The company had a trading volume of 1,221,816 shares, compared to its average volume of 1,408,130. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 27.51 and a beta of 1.61. Olin Co. has a 52 week low of $22.98 and a 52 week high of $60.60. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The stock's 50 day moving average price is $27.86 and its 200 day moving average price is $36.43.

Olin (NYSE:OLN - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. As a group, equities research analysts expect that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin declared that its Board of Directors has approved a stock buyback program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 3.23%. Olin's payout ratio is presently 88.89%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered Olin from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $50.00 to $28.00 in a research note on Thursday, February 27th. Citigroup cut their price objective on Olin from $48.00 to $45.00 and set a "buy" rating for the company in a report on Monday, December 16th. Truist Financial lowered their target price 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. Barclays reiterated an "equal weight" rating on shares of Olin in a research report on Monday, February 3rd. Finally, Royal Bank of Canada lowered shares of Olin from an "outperform" rating to a "sector perform" rating and decreased their price target for the stock from $45.00 to $30.00 in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Olin presently has a consensus rating of "Hold" and an average target price of $38.38.

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.