Wedge Capital Management L L P NC Purchases 8,521 Shares of Olin Co. (NYSE:OLN)

Wedge Capital Management L L P NC lifted its holdings in shares of Olin Co. (NYSE:OLN - Free Report) by 16.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,134 shares of the specialty chemicals company's stock after buying an additional 8,521 shares during the period. Wedge Capital Management L L P NC owned approximately 0.05% of Olin worth $1,999,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of OLN. Farther Finance Advisors LLC grew its holdings in shares of 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 acquiring an additional 276 shares during the period. Covestor Ltd grew its stake in shares of Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock valued at $44,000 after purchasing an additional 715 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Olin during the 3rd quarter valued at about $47,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock worth $75,000 after purchasing an additional 318 shares during the period. Finally, UMB Bank n.a. boosted its holdings in shares of Olin by 4,862.5% in the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company's stock worth $76,000 after buying an additional 1,556 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OLN. Wells Fargo & Company dropped their price target on shares of Olin from $48.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Monday, October 28th. Morgan Stanley cut their price target on Olin from $41.00 to $31.00 and set an "underweight" rating for the company in a report on Monday, January 13th. Citigroup decreased their price objective on Olin from $48.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, December 16th. Royal Bank of Canada cut their price objective on Olin from $52.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, October 29th. Finally, Piper Sandler reduced their target price on shares of Olin from $51.00 to $41.00 and set an "overweight" rating for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $47.07.

Olin Price Performance

Shares of Olin stock traded up $0.59 during trading on Tuesday, reaching $34.36. 727,526 shares of the stock traded hands, compared to its average volume of 1,378,106. 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 company has a market capitalization of $4.01 billion, a price-to-earnings ratio of 27.71, a P/E/G ratio of 0.76 and a beta of 1.48. Olin Co. has a 52-week low of $30.69 and a 52-week high of $60.60. The business has a fifty day simple moving average of $37.19 and a two-hundred day simple moving average of $41.98.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, November 14th. Olin's payout ratio is 64.52%.

Olin announced that its board has initiated a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Olin

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 value of $459,375.00. Following the completion of the transaction, the vice president now owns 24,056 shares of the company's stock, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is currently owned by insiders.

About Olin

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.