Headlands Technologies LLC Buys New Position in Olin Co. (NYSE:OLN)

Headlands Technologies LLC purchased a new position in Olin Co. (NYSE:OLN) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 3,746 shares of the specialty chemicals company’s stock, valued at approximately $127,000.

A number of other large investors also recently modified their holdings of OLN. Captrust Financial Advisors grew its position in Olin by 14.4% during the third quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock worth $240,000 after buying an additional 630 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Olin by 1,052.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 53,296 shares of the specialty chemicals company’s stock worth $2,557,000 after purchasing an additional 48,671 shares in the last quarter. Weiss Asset Management LP bought a new stake in shares of Olin during the third quarter valued at approximately $5,505,000. National Bank of Canada FI raised its stake in shares of Olin by 8,678.3% in the third quarter. National Bank of Canada FI now owns 62,677 shares of the specialty chemicals company’s stock valued at $3,007,000 after purchasing an additional 61,963 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in Olin by 154.9% in the third quarter. XTX Topco Ltd now owns 51,991 shares of the specialty chemicals company’s stock worth $2,495,000 after purchasing an additional 31,591 shares during the period. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Truist Financial dropped their price objective on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research note on Monday, February 3rd. UBS Group set a $28.00 price target on shares of Olin in a research report on Thursday, February 27th. Citigroup decreased their price objective on Olin from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 27th. JPMorgan Chase & Co. cut Olin from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $50.00 to $28.00 in a report on Thursday, February 27th. Finally, BMO Capital Markets decreased their price target on Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $36.69.

Olin Stock Down 8.9 %

NYSE:OLN opened at $20.09 on Friday. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 22.32 and a beta of 1.50. Olin Co. has a 52-week low of $19.34 and a 52-week high of $59.31. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The stock’s fifty day moving average price is $26.27 and its two-hundred day moving average price is $35.45.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. On average, analysts anticipate that Olin Co. will post 1.38 EPS for the current year.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.98%. Olin’s dividend payout ratio is 88.89%.

Olin announced that its Board of Directors has initiated a share buyback plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were acquired at an average cost of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,250 shares in the company, valued at approximately $203,435. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

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.