Seven Eight Capital LP Grows Stock Position in Olin Co. (NYSE:OLN)

Seven Eight Capital LP boosted its stake in shares of Olin Co. (NYSE:OLN) by 77.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,132 shares of the specialty chemicals company’s stock after acquiring an additional 15,716 shares during the quarter. Seven Eight Capital LP’s holdings in Olin were worth $1,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Private Advisor Group LLC lifted its holdings in Olin by 23.5% in the 4th quarter. Private Advisor Group LLC now owns 5,512 shares of the specialty chemicals company’s stock worth $297,000 after buying an additional 1,048 shares during the period. 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 worth $623,000 after acquiring an additional 3,409 shares during the period. Janney Montgomery Scott LLC bought a new stake in Olin in the fourth quarter valued at $1,204,000. Financial Advocates Investment Management increased its position in Olin by 5.5% during the 4th quarter. Financial Advocates Investment Management now owns 5,086 shares of the specialty chemicals company’s stock valued at $274,000 after purchasing an additional 266 shares during the period. Finally, Norges Bank purchased a new position in Olin during the 4th quarter valued at $76,125,000. 88.67% of the stock is currently owned by institutional investors.

Olin Stock Performance

OLN stock opened at $43.07 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.43 and a quick ratio of 0.82. Olin Co. has a 1 year low of $39.47 and a 1 year high of $60.60. The company has a market cap of $5.14 billion, a P/E ratio of 15.49, a price-to-earnings-growth ratio of 0.91 and a beta of 1.41. The stock’s fifty day moving average price is $43.98 and its 200-day moving average price is $50.23.

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

Olin Announces Dividend

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

Analysts Set New Price Targets

OLN has been the subject of a number of research reports. The Goldman Sachs Group decreased their price target on shares of Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a research note on Monday, July 29th. Mizuho started coverage on Olin in a research report on Thursday, August 8th. They issued a “neutral” rating and a $45.00 target price for the company. JPMorgan Chase & Co. raised Olin from a “neutral” rating to an “overweight” rating and set a $55.00 price target on the stock in a research note on Monday, July 29th. Wells Fargo & Company lowered their price objective on Olin from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. Finally, Piper Sandler reduced their target price on shares of Olin from $75.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Olin has an average rating of “Hold” and a consensus target price of $52.73.

Olin 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.