Cornercap Investment Counsel Inc. Takes Position in Olin Co. (NYSE:OLN)

Cornercap Investment Counsel Inc. bought a new position in shares of Olin Co. (NYSE:OLN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,217 shares of the specialty chemicals company’s stock, valued at approximately $906,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC raised its position in shares of Olin by 4,395.8% in the 4th quarter. International Assets Investment Management LLC now owns 10,790 shares of the specialty chemicals company’s stock worth $582,000 after acquiring an additional 10,550 shares in the last quarter. Private Advisor Group LLC increased its holdings in Olin by 23.5% in the fourth quarter. Private Advisor Group LLC now owns 5,512 shares of the specialty chemicals company’s stock worth $297,000 after purchasing an additional 1,048 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Olin by 34.6% in the fourth quarter. BNP Paribas Financial Markets now owns 188,973 shares of the specialty chemicals company’s stock worth $10,195,000 after purchasing an additional 48,625 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Olin by 40.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,771 shares of the specialty chemicals company’s stock valued at $623,000 after buying an additional 3,409 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in shares of Olin during the 4th quarter worth approximately $1,204,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Price Performance

Shares of NYSE:OLN opened at $42.96 on Friday. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. The company has a current ratio of 1.43, a quick ratio of 0.82 and a debt-to-equity ratio of 1.29. The stock has a market cap of $5.13 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 0.89 and a beta of 1.41. The stock’s fifty day simple moving average is $44.15 and its two-hundred day simple moving average is $50.46.

Olin (NYSE:OLN) last released its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.08). Olin had a net margin of 4.26% and a return on equity of 11.73%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. As a group, analysts forecast that Olin Co. will post 1.61 EPS for the current fiscal year.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 8th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.86%. The ex-dividend date was Thursday, August 8th. Olin’s dividend payout ratio is presently 28.78%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OLN. Bank of America lowered shares of Olin from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $62.00 to $51.00 in a research note on Monday, July 29th. Barclays dropped their price objective on shares of Olin from $59.00 to $49.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Wells Fargo & Company reduced their target price on Olin from $50.00 to $48.00 and set an “equal weight” rating for the company in a research note on Monday, July 29th. Piper Sandler dropped their price target on Olin from $75.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Finally, BMO Capital Markets began coverage on Olin in a research note on Tuesday, September 3rd. They issued a “market perform” rating and a $50.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $52.73.

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.