Cornercap Investment Counsel Inc. Trims Stake in Olin Co. (NYSE:OLN)

Cornercap Investment Counsel Inc. lessened its holdings in Olin Co. (NYSE:OLN) by 51.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,377 shares of the specialty chemicals company’s stock after selling 9,840 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Olin were worth $450,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Boston Partners lifted its position in Olin by 7.7% during the first quarter. Boston Partners now owns 5,414,265 shares of the specialty chemicals company’s stock valued at $317,897,000 after purchasing an additional 384,888 shares during the period. Dimensional Fund Advisors LP grew its stake in Olin by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after acquiring an additional 194,755 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Olin by 2.5% during the second quarter. Bank of New York Mellon Corp now owns 1,373,519 shares of the specialty chemicals company’s stock valued at $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% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,061,001 shares of the specialty chemicals company’s stock valued at $50,907,000 after acquiring an additional 25,163 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Olin by 4.8% in the 1st quarter. Clearbridge Investments LLC now owns 777,658 shares of the specialty chemicals company’s stock worth $45,726,000 after buying an additional 35,637 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is owned by company insiders.

Olin Trading Down 1.0 %

Shares of OLN stock opened at $41.39 on Friday. The firm has a market cap of $4.83 billion, a PE ratio of 33.38, a price-to-earnings-growth ratio of 1.74 and a beta of 1.43. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. 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 50-day moving average of $44.50 and a two-hundred day moving average of $46.96.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 1.93%. Olin’s dividend payout ratio is presently 64.52%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OLN shares. BMO Capital Markets lowered their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Barclays reduced their price target on shares of Olin from $49.00 to $45.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Royal Bank of Canada cut their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. The Goldman Sachs Group cut their price objective on shares of Olin from $55.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday, July 29th. Finally, KeyCorp dropped their target price on shares of Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.86.

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.