Barclays PLC increased its holdings in shares of Olin Co. (NYSE:OLN - Free Report) by 37.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 125,913 shares of the specialty chemicals company's stock after buying an additional 34,485 shares during the period. Barclays PLC owned about 0.11% of Olin worth $6,042,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in OLN. Hotchkis & Wiley Capital Management LLC increased its position in shares of Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company's stock worth $424,095,000 after acquiring an additional 531,330 shares during the period. Dimensional Fund Advisors LP increased 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 worth $176,396,000 after purchasing an additional 194,755 shares during the period. Pzena Investment Management LLC raised its position in Olin by 24.8% in the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company's stock valued at $165,661,000 after purchasing an additional 685,710 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $64,761,000 after buying an additional 33,143 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Olin by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company's stock worth $62,168,000 after buying an additional 37,043 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.
In other Olin news, VP R Nichole Sumner sold 10,500 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction 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 $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by company insiders.
Shares of NYSE OLN opened at $33.43 on Friday. The stock has a market cap of $3.90 billion, a P/E ratio of 26.96, a P/E/G ratio of 1.51 and a beta of 1.43. Olin Co. has a twelve month low of $33.42 and a twelve month high of $60.60. The stock has a 50 day moving average of $42.08 and a two-hundred day moving average of $44.54. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32.
Olin declared that its board has initiated a share buyback plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.39%. Olin's dividend payout ratio (DPR) is 64.52%.
Several analysts recently weighed in on OLN shares. KeyCorp reduced their target price on shares of Olin from $57.00 to $56.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Piper Sandler reduced their price objective on shares of Olin from $57.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, October 30th. Barclays lowered their target price on shares of Olin from $45.00 to $43.00 and set an "equal weight" rating for the company in a research note on Friday, December 13th. Wells Fargo & Company cut their price target on Olin from $48.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Monday, October 28th. Finally, Royal Bank of Canada lowered their price objective on Olin from $52.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Olin has a consensus rating of "Hold" and an average target price of $50.14.
View Our Latest Report on 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.
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