Barrett & Company Inc. Trims Stake in Olin Co. (NYSE:OLN)

Barrett & Company Inc. lessened its holdings in shares of Olin Co. (NYSE:OLN) by 13.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,399 shares of the specialty chemicals company’s stock after selling 387 shares during the quarter. Barrett & Company Inc.’s holdings in Olin were worth $115,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Boston Partners increased its stake in Olin by 7.7% in the first quarter. Boston Partners now owns 5,414,265 shares of the specialty chemicals company’s stock worth $317,897,000 after purchasing an additional 384,888 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Olin by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after buying an additional 194,755 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Olin by 2.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,373,519 shares of the specialty chemicals company’s stock worth $64,761,000 after acquiring an additional 33,143 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Olin by 2.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,061,001 shares of the specialty chemicals company’s stock worth $50,907,000 after purchasing an additional 25,163 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in shares of Olin by 4.8% in the first quarter. Clearbridge Investments LLC now owns 777,658 shares of the specialty chemicals company’s stock valued at $45,726,000 after acquiring an additional 35,637 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Price Performance

OLN stock traded up $0.57 during mid-day trading on Monday, reaching $42.00. 342,057 shares of the company’s stock were exchanged, compared to its average volume of 1,156,027. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.43 and a quick ratio of 0.82. Olin Co. has a 12-month low of $39.47 and a 12-month high of $60.60. The stock’s 50 day moving average is $44.78 and its 200 day moving average is $48.13. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.12 and a beta of 1.41.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.08). The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Olin had a return on equity of 11.73% and a net margin of 4.26%. Olin’s revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.13 EPS. On average, research analysts expect that Olin Co. will post 1.58 EPS for the current year.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.90%. Olin’s dividend payout ratio (DPR) is presently 28.78%.

Wall Street Analyst Weigh In

OLN has been the subject of a number of research analyst reports. Bank of America cut Olin from a “buy” rating to a “neutral” rating and decreased their price target for the company from $62.00 to $51.00 in a research note on Monday, July 29th. Piper Sandler decreased their price objective on shares of Olin from $75.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. JPMorgan Chase & Co. raised shares of Olin from a “neutral” rating to an “overweight” rating and set a $55.00 target price on the stock in a research report on Monday, July 29th. BMO Capital Markets initiated coverage on shares of Olin in a report on Tuesday, September 3rd. They issued a “market perform” rating and a $50.00 price target for the company. Finally, Mizuho initiated coverage on Olin in a research note on Thursday, August 8th. They issued a “neutral” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $52.07.

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.