Allspring Global Investments Holdings LLC Raises Holdings in Olin Co. (NYSE:OLN)

Allspring Global Investments Holdings LLC increased its stake in shares of Olin Co. (NYSE:OLN) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,061,001 shares of the specialty chemicals company’s stock after buying an additional 25,163 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.90% of Olin worth $50,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Boston Partners grew its holdings in shares of Olin by 7.7% during the first quarter. Boston Partners now owns 5,414,265 shares of the specialty chemicals company’s stock worth $317,897,000 after buying an additional 384,888 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Olin by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock worth $176,396,000 after buying an additional 194,755 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Olin by 2.5% during the second quarter. Bank of New York Mellon Corp now owns 1,373,519 shares of the specialty chemicals company’s stock worth $64,761,000 after buying an additional 33,143 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Olin by 4.8% during the first quarter. Clearbridge Investments LLC now owns 777,658 shares of the specialty chemicals company’s stock worth $45,726,000 after buying an additional 35,637 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Olin by 429.8% during the second quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company’s stock worth $28,769,000 after buying an additional 494,976 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

OLN has been the topic of a number of research reports. UBS Group lowered their price target on Olin from $59.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Mizuho began coverage on shares of Olin in a research report on Thursday, August 8th. They issued a “neutral” rating and a $45.00 price objective for the company. Royal Bank of Canada reduced their price objective on shares of Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. The Goldman Sachs Group reduced their price objective on shares of Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a research report on Monday, July 29th. Finally, Wells Fargo & Company reduced their price objective on shares of Olin from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.40.

Olin Stock Down 2.7 %

OLN stock opened at $45.73 on Tuesday. The stock has a market capitalization of $5.46 billion, a P/E ratio of 16.45, a PEG ratio of 1.03 and a beta of 1.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 1.43. Olin Co. has a one year low of $39.47 and a one year high of $60.60. The company has a 50 day moving average price of $44.57 and a two-hundred day moving average price of $48.46.

Olin (NYSE:OLN) last released its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.08). The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Olin had a return on equity of 11.73% and a net margin of 4.26%. The firm’s revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.13 earnings per share. As a group, sell-side analysts expect 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. Shareholders of record on Thursday, August 8th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.80 annualized dividend and a yield of 1.75%. Olin’s payout ratio is currently 28.78%.

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.