Highland Capital Management LLC Has $3.23 Million Stock Position in Olin Co. (NYSE:OLN)

Highland Capital Management LLC cut its position in Olin Co. (NYSE:OLN) by 2.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 95,669 shares of the specialty chemicals company’s stock after selling 2,070 shares during the quarter. Highland Capital Management LLC’s holdings in Olin were worth $3,234,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of OLN. Sei Investments Co. lifted its holdings in shares of Olin by 5.6% during the second quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock worth $573,000 after buying an additional 640 shares during the last quarter. Bank of Montreal Can increased its position in Olin by 219.9% during the second quarter. Bank of Montreal Can now owns 81,080 shares of the specialty chemicals company’s stock worth $3,867,000 after acquiring an additional 55,735 shares during the period. Marshall Wace LLP acquired a new position in Olin during the 2nd quarter valued at $2,929,000. Squarepoint Ops LLC bought a new stake in Olin in the 2nd quarter valued at $2,918,000. Finally, Sanctuary Advisors LLC acquired a new stake in Olin in the 2nd quarter worth $2,486,000. Institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

OLN stock opened at $32.08 on Friday. The stock has a market capitalization of $3.74 billion, a PE ratio of 25.87, a price-to-earnings-growth ratio of 0.78 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. The company has a 50 day moving average price of $35.99 and a 200 day moving average price of $41.36. Olin Co. has a fifty-two week low of $30.69 and a fifty-two week high of $60.60.

Olin (NYSE:OLN) last issued its quarterly 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 6.19% and a net margin of 2.33%. Analysts forecast that Olin Co. will post 0.95 EPS for the current year.

Olin declared that its board has initiated a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

OLN has been the subject of a number of research analyst reports. KeyCorp cut their price objective on shares of Olin from $56.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Bank of America raised Olin from a “neutral” rating to a “buy” rating and cut their price target for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. Citigroup lowered their price objective on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Truist Financial initiated coverage on Olin in a research report on Tuesday. They issued a “hold” rating and a $38.00 target price for the company. Finally, BMO Capital Markets lowered their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.50.

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of the firm’s 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 transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.60% of the company’s stock.

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.