Shell Asset Management Co. Sells 279 Shares of Olin Co. (NYSE:OLN)

Shell Asset Management Co. reduced its stake in Olin Co. (NYSE:OLN) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,479 shares of the specialty chemicals company’s stock after selling 279 shares during the period. Shell Asset Management Co.’s holdings in Olin were worth $440,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of OLN. Clearbridge Investments LLC grew its stake in Olin by 4.8% in the first quarter. Clearbridge Investments LLC now owns 777,658 shares of the specialty chemicals company’s stock worth $45,726,000 after purchasing an additional 35,637 shares in the last quarter. Seven Eight Capital LP raised its holdings in shares of Olin by 111.4% in the first quarter. Seven Eight Capital LP now owns 20,416 shares of the specialty chemicals company’s stock valued at $1,200,000 after acquiring an additional 10,760 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Olin by 146.6% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 16,036 shares of the specialty chemicals company’s stock worth $957,000 after acquiring an additional 9,533 shares during the period. Chesapeake Capital Corp IL bought a new position in Olin during the 1st quarter worth about $259,000. Finally, Kingsview Wealth Management LLC purchased a new position in Olin during the 1st quarter valued at about $409,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Price Performance

Shares of OLN opened at $44.62 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.38 and a quick ratio of 0.80. The company’s fifty day moving average price is $49.67 and its 200-day moving average price is $52.72. Olin Co. has a 1-year low of $41.71 and a 1-year high of $60.60. The firm has a market capitalization of $5.33 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 0.35 and a beta of 1.44.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.08). The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Olin had a net margin of 4.26% and a return on equity of 11.58%. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 EPS. On average, equities research analysts predict that Olin Co. will post 3.1 EPS for the current year.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 8th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.80 annualized dividend and a yield of 1.79%. Olin’s dividend payout ratio (DPR) is presently 28.78%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Olin from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 4th. KeyCorp cut their price target on Olin from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. UBS Group decreased their price objective on Olin from $59.00 to $51.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Stifel Nicolaus lifted their price objective on shares of Olin from $68.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Finally, Piper Sandler increased their target price on shares of Olin from $72.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $59.27.

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.