Versor Investments LP Has $328,000 Position in Olin Co. (NYSE:OLN)

Versor Investments LP cut its holdings in Olin Co. (NYSE:OLN) by 49.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 9,700 shares of the specialty chemicals company’s stock after selling 9,648 shares during the period. Versor Investments LP’s holdings in Olin were worth $328,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OLN. Farther Finance Advisors LLC boosted 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 buying an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after acquiring an additional 318 shares in the last quarter. Entropy Technologies LP grew its holdings in Olin by 2.5% in the third quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock worth $648,000 after purchasing an additional 332 shares during the period. Nisa Investment Advisors LLC increased its stake in Olin by 3.0% in the third quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 350 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB raised its holdings in shares of Olin by 9.4% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock valued at $197,000 after purchasing an additional 500 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

Olin Trading Down 5.9 %

Shares of OLN stock opened at $23.90 on Tuesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 26.56 and a beta of 1.45. Olin Co. has a 52-week low of $23.86 and a 52-week high of $60.60. The company has a 50-day simple moving average of $30.47 and a two-hundred day simple moving average of $38.52.

Olin (NYSE:OLN) last released its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. Research analysts anticipate that Olin Co. will post 1.38 EPS for the current fiscal year.

Olin declared that its board has authorized a share buyback plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Thursday, March 6th. Olin’s dividend payout ratio is presently 88.89%.

Insider Transactions at Olin

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of Olin stock in a transaction that occurred on Tuesday, February 4th. The stock was bought at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the completion of 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 filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

OLN has been the subject of several research reports. Citigroup reduced their target price on Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Morgan Stanley reduced their price objective on Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Tuesday, February 4th. Bank of America raised Olin from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $48.00 to $40.00 in a research report on Tuesday, January 14th. Truist Financial reduced their price target on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Olin from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $50.00 to $28.00 in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Olin presently has a consensus rating of “Hold” and an average price target of $38.38.

Olin 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.