New York State Teachers Retirement System Sells 1,502 Shares of Olin Co. (NYSE:OLN)

New York State Teachers Retirement System reduced its position in shares of Olin Co. (NYSE:OLN) by 1.2% in the 4th quarter, Holdings Channel reports. The firm owned 120,053 shares of the specialty chemicals company’s stock after selling 1,502 shares during the period. New York State Teachers Retirement System’s holdings in Olin were worth $4,058,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vontobel Holding Ltd. acquired a new position in shares of Olin during the fourth quarter worth $328,000. Regents Gate Capital LLP bought a new position in shares of Olin during the 4th quarter worth about $1,834,000. Entropy Technologies LP boosted its position in shares of Olin by 460.3% during the 4th quarter. Entropy Technologies LP now owns 75,631 shares of the specialty chemicals company’s stock worth $2,556,000 after purchasing an additional 62,132 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Olin by 8.0% in the 4th quarter. Empowered Funds LLC now owns 22,131 shares of the specialty chemicals company’s stock worth $748,000 after acquiring an additional 1,633 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB raised its holdings in shares of Olin by 9.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock worth $197,000 after acquiring an additional 500 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OLN has been the subject of several analyst reports. Piper Sandler lowered shares of Olin from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $41.00 to $33.00 in a research note on Thursday, February 13th. Morgan Stanley cut their price objective on shares of Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and cut their price target for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. BMO Capital Markets lowered their price objective on shares of Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 5th. Finally, UBS Group lowered their price objective on shares of Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Olin currently has an average rating of “Hold” and a consensus price target of $40.44.

Insiders Place Their Bets

In other news, CEO Kenneth Todd Lane acquired 7,250 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were purchased at an average cost of $28.06 per share, for a total transaction of $203,435.00. Following the transaction, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at approximately $203,435. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.

Olin Price Performance

OLN stock opened at $27.52 on Friday. The firm’s 50-day moving average price is $31.71 and its two-hundred day moving average price is $39.31. Olin Co. has a 12-month low of $26.48 and a 12-month high of $60.60. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 30.57 and a beta of 1.45.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. As a group, equities analysts predict that Olin Co. will post 1.38 earnings per share for the current year.

Olin declared that its board has authorized a stock buyback plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is 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.