PNC Financial Services Group Inc. Has $985,000 Stock Holdings in Olin Co. (NYSE:OLN)

PNC Financial Services Group Inc. lowered its holdings in shares of Olin Co. (NYSE:OLN) by 7.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,539 shares of the specialty chemicals company’s stock after selling 1,538 shares during the period. PNC Financial Services Group Inc.’s holdings in Olin were worth $985,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 276 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Olin by 4,375.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 525 shares during the period. nVerses Capital LLC bought a new position in Olin during the second quarter worth $33,000. Covestor Ltd grew its holdings in Olin by 357.5% in the third 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. Finally, Capital Performance Advisors LLP acquired a new stake in Olin in the third quarter worth $47,000. 88.67% of the stock is currently owned by institutional investors.

Olin Stock Up 1.5 %

Olin stock opened at $42.70 on Thursday. Olin Co. has a fifty-two week low of $39.47 and a fifty-two week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The firm’s 50-day simple moving average is $44.48 and its 200 day simple moving average is $46.22. The stock has a market cap of $4.98 billion, a PE ratio of 34.44, a price-to-earnings-growth ratio of 1.76 and a beta of 1.43.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.87%. Olin’s payout ratio is presently 64.52%.

Insider Activity

In related news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction dated 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 owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Piper Sandler dropped their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Barclays dropped their price target on Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. 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. BMO Capital Markets lowered their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Finally, KeyCorp reduced their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.86.

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.