State of Alaska Department of Revenue Raises Stake in Olin Co. (NYSE:OLN)

State of Alaska Department of Revenue increased its stake in Olin Co. (NYSE:OLN - Free Report) by 18.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,295 shares of the specialty chemicals company's stock after purchasing an additional 14,640 shares during the quarter. State of Alaska Department of Revenue owned 0.08% of Olin worth $3,119,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC increased its position in Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock worth $28,000 after buying an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Olin by 26.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock valued at $75,000 after acquiring an additional 318 shares in the last quarter. Entropy Technologies LP raised its stake in Olin by 2.5% during the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company's stock valued at $648,000 after purchasing an additional 332 shares during the period. Nisa Investment Advisors LLC boosted its stake in Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company's stock worth $568,000 after purchasing an additional 350 shares during the period. Finally, First Citizens Bank & Trust Co. boosted its stake in Olin by 8.5% in the 4th quarter. First Citizens Bank & Trust Co. now owns 6,930 shares of the specialty chemicals company's stock worth $234,000 after purchasing an additional 542 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Olin

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of Olin stock in a transaction dated Tuesday, February 4th. The shares were acquired at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the acquisition, the chief executive officer now directly owns 7,250 shares in the company, valued at approximately $203,435. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.60% of the company's stock.

Olin Stock Performance

Olin stock traded down $0.06 during mid-day trading on Thursday, reaching $27.92. 1,541,269 shares of the company traded hands, compared to its average volume of 1,875,678. The firm's fifty day moving average is $33.17 and its two-hundred day moving average is $39.97. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 31.02, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45. Olin Co. has a fifty-two week low of $26.48 and a fifty-two week high of $60.60.

Olin (NYSE:OLN - Get Free Report) last posted its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (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%. On average, equities research analysts expect that Olin Co. will post 1.83 earnings per share for the current fiscal year.

Olin declared that its board has authorized a share buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

OLN has been the subject of several research analyst reports. Royal Bank of Canada cut shares of Olin from an "outperform" rating to a "sector perform" rating and cut their target price for the company from $45.00 to $30.00 in a research note on Tuesday, February 4th. UBS Group lowered their price objective on shares of Olin from $35.00 to $34.00 and set a "neutral" rating for the company in a research report on Friday, January 31st. Piper Sandler downgraded Olin from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $41.00 to $33.00 in a research report on Thursday. Wells Fargo & Company lowered their target price on shares of Olin from $40.00 to $31.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Finally, BMO Capital Markets dropped their price objective on Olin from $44.00 to $34.00 and set a "market perform" rating for the company in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $40.44.

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.