B. Riley Wealth Advisors Inc. Has $902,000 Stake in Olin Co. (NYSE:OLN)

B. Riley Wealth Advisors Inc. cut its stake in Olin Co. (NYSE:OLN) by 8.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 18,812 shares of the specialty chemicals company’s stock after selling 1,673 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Olin were worth $902,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Farther Finance Advisors LLC raised its position in Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of Olin in the 2nd quarter worth $33,000. Covestor Ltd raised its holdings in shares of Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 715 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Olin during the third quarter worth about $47,000. Finally, Denver PWM LLC bought a new stake in Olin in the 2nd quarter worth about $59,000. Institutional investors own 88.67% of the company’s stock.

Insider Activity

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin 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 completion of the sale, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

OLN has been the topic of a number of research analyst reports. BMO Capital Markets cut their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Royal Bank of Canada reduced their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Wells Fargo & Company reduced their price target on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Piper Sandler lowered their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Finally, KeyCorp decreased their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin has an average rating of “Hold” and a consensus price target of $50.14.

Olin Stock Performance

NYSE OLN opened at $35.47 on Wednesday. The company’s 50 day simple moving average is $42.61 and its two-hundred day simple moving average is $44.70. The stock has a market capitalization of $4.14 billion, a PE ratio of 28.60, a P/E/G ratio of 1.51 and a beta of 1.43. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. Olin Co. has a 1 year low of $34.85 and a 1 year high of $60.60.

Olin announced that its board has approved a stock buyback program 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 repurchase up to 45% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Thursday, November 14th. Olin’s dividend payout ratio is 64.52%.

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.