Moors & Cabot Inc. Has $294,000 Stake in Olin Co. (NYSE:OLN)

Moors & Cabot Inc. reduced its stake in Olin Co. (NYSE:OLN) by 10.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,225 shares of the specialty chemicals company’s stock after selling 700 shares during the period. Moors & Cabot Inc.’s holdings in Olin were worth $294,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in Olin by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after buying an additional 194,755 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Olin by 4.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 97,906 shares of the specialty chemicals company’s stock worth $4,616,000 after acquiring an additional 4,345 shares during the last quarter. Federated Hermes Inc. increased its holdings in Olin by 9.5% in the 2nd quarter. Federated Hermes Inc. now owns 17,475 shares of the specialty chemicals company’s stock worth $824,000 after purchasing an additional 1,517 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new position in Olin in the second quarter valued at about $906,000. Finally, HHM Wealth Advisors LLC boosted its stake in shares of Olin by 310.2% during the second quarter. HHM Wealth Advisors LLC now owns 3,261 shares of the specialty chemicals company’s stock valued at $154,000 after purchasing an additional 2,466 shares in the last quarter. 88.67% of the stock is owned by institutional investors.

Olin Stock Performance

NYSE:OLN opened at $44.10 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.43 and a debt-to-equity ratio of 1.29. Olin Co. has a twelve month low of $39.47 and a twelve month high of $60.60. The company has a fifty day moving average of $43.84 and a 200-day moving average of $50.11. The firm has a market capitalization of $5.27 billion, a P/E ratio of 15.86, a P/E/G ratio of 0.91 and a beta of 1.41.

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 company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.71 billion. Olin had a net margin of 4.26% and a return on equity of 11.73%. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same period last year, the firm posted $1.13 earnings per share. As a group, sell-side analysts anticipate that Olin Co. will post 1.61 EPS for the current year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 8th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date was Thursday, August 8th. Olin’s dividend payout ratio is currently 28.78%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OLN. Wells Fargo & Company dropped their price objective on shares of Olin from $50.00 to $48.00 and set an “equal weight” rating for the company in a report on Monday, July 29th. Mizuho began coverage on shares of Olin in a report on Thursday, August 8th. They set a “neutral” rating and a $45.00 price target on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on Olin from $57.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 29th. BMO Capital Markets initiated coverage on Olin in a report on Tuesday, September 3rd. They set a “market perform” rating and a $50.00 target price on the stock. Finally, Piper Sandler lowered their price objective on Olin from $75.00 to $57.00 and set an “overweight” rating for the company 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. Based on data from MarketBeat.com, Olin has a consensus rating of “Hold” and an average target price of $52.73.

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.