77,657 Shares in Olin Co. (NYSE:OLN) Acquired by Granite Investment Partners LLC

Granite Investment Partners LLC purchased a new stake in Olin Co. (NYSE:OLN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 77,657 shares of the specialty chemicals company’s stock, valued at approximately $3,662,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Private Advisor Group LLC boosted its position in shares of Olin by 23.5% in the 4th quarter. Private Advisor Group LLC now owns 5,512 shares of the specialty chemicals company’s stock valued at $297,000 after purchasing an additional 1,048 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Olin during the fourth quarter valued at approximately $1,204,000. Norges Bank purchased a new stake in shares of Olin in the 4th quarter valued at approximately $76,125,000. Assetmark Inc. boosted its stake in Olin by 20.6% in the 4th quarter. Assetmark Inc. now owns 66,490 shares of the specialty chemicals company’s stock worth $3,587,000 after purchasing an additional 11,363 shares during the period. Finally, Franklin Resources Inc. grew its position in Olin by 67.6% during the 4th quarter. Franklin Resources Inc. now owns 663,202 shares of the specialty chemicals company’s stock worth $35,780,000 after purchasing an additional 267,460 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Stock Down 1.8 %

Shares of Olin stock opened at $44.10 on Friday. Olin Co. has a 12-month low of $39.47 and a 12-month high of $60.60. The company has a quick ratio of 0.82, a current ratio of 1.43 and a debt-to-equity ratio of 1.29. The stock has a 50 day moving average price of $43.84 and a two-hundred day moving average price of $50.11. The stock has a market capitalization of $5.18 billion, a P/E ratio of 15.86, a PEG ratio of 0.94 and a beta of 1.41.

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

Olin Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.81%. Olin’s dividend payout ratio is currently 28.78%.

Analysts Set New Price Targets

Several analysts have recently commented on OLN shares. Mizuho began 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. Piper Sandler dropped their target price on Olin from $75.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. JPMorgan Chase & Co. raised shares of Olin from a “neutral” rating to an “overweight” rating and set a $55.00 price target for the company in a research report on Monday, July 29th. The Goldman Sachs Group lowered their price objective on shares of Olin from $55.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday, July 29th. Finally, Barclays cut their target price on shares of Olin from $59.00 to $49.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Olin presently has an average rating of “Hold” and a consensus target price of $52.73.

Olin Company 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.