First Citizens Bank & Trust Co. Purchases 542 Shares of Olin Co. (NYSE:OLN)

First Citizens Bank & Trust Co. increased its holdings in Olin Co. (NYSE:OLN) by 8.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,930 shares of the specialty chemicals company’s stock after acquiring an additional 542 shares during the period. First Citizens Bank & Trust Co.’s holdings in Olin were worth $234,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of OLN. Farther Finance Advisors LLC boosted its position in Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after purchasing an additional 276 shares during the last quarter. Covestor Ltd raised its stake in shares of Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 715 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Olin during the 3rd quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares during the last quarter. Finally, UMB Bank n.a. grew its position in Olin by 4,862.5% during the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after buying an additional 1,556 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. This trade represents 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 the SEC website. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research reports. Truist Financial started coverage on shares of Olin in a research report on Tuesday. They issued a “hold” rating and a $38.00 price objective on the stock. KeyCorp reduced their price objective on Olin from $56.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Royal Bank of Canada decreased their target price on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Barclays dropped their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. Finally, Bank of America raised Olin from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $48.00 to $40.00 in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $46.50.

Olin Stock Performance

NYSE OLN opened at $32.60 on Wednesday. The stock has a market capitalization of $3.80 billion, a PE ratio of 26.29, a P/E/G ratio of 0.78 and a beta of 1.48. Olin Co. has a 1 year low of $30.69 and a 1 year high of $60.60. The company’s 50 day simple moving average is $36.16 and its two-hundred day simple moving average is $41.42. 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 declared that its Board of Directors has approved a share 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 buy up to 45% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.