Wedmont Private Capital Buys Shares of 7,447 Olin Co. (NYSE:OLN)

Wedmont Private Capital bought a new position in Olin Co. (NYSE:OLN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 7,447 shares of the specialty chemicals company's stock, valued at approximately $231,000.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. lifted its position in Olin by 55.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company's stock worth $4,835,000 after acquiring an additional 51,051 shares during the last quarter. First Hawaiian Bank lifted its position in shares of Olin by 9.0% during the 4th quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company's stock worth $732,000 after purchasing an additional 1,785 shares during the last quarter. Franklin Resources Inc. boosted its stake in Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company's stock valued at $51,015,000 after purchasing an additional 172,768 shares during the period. Synovus Financial Corp acquired a new stake in Olin in the 3rd quarter valued at approximately $253,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Olin in the 3rd quarter worth approximately $256,000. Institutional investors own 88.67% of the company's stock.

Olin Price Performance

Shares of OLN traded up $0.30 on Friday, hitting $33.78. The company's stock had a trading volume of 936,811 shares, compared to its average volume of 1,414,515. The company has a 50 day moving average price of $37.61 and a 200 day moving average price of $42.21. Olin Co. has a fifty-two week low of $30.69 and a fifty-two week high of $60.60. The company has a market capitalization of $3.94 billion, a PE ratio of 27.24, a PEG ratio of 0.48 and a beta of 1.48. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

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

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were issued a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.37%. Olin's dividend payout ratio is 64.52%.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the sale, the vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Olin from $52.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 29th. Morgan Stanley decreased their price target on shares of Olin from $41.00 to $31.00 and set an "underweight" rating on the stock in a research report on Monday. Barclays cut their price objective on shares of Olin from $45.00 to $43.00 and set an "equal weight" rating for the company in a research report on Friday, December 13th. Piper Sandler decreased their target price on Olin from $51.00 to $41.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company cut their price target on Olin from $48.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $47.07.

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.