HighTower Advisors LLC Sells 3,945 Shares of Olin Co. (NYSE:OLN)

HighTower Advisors LLC decreased its holdings in Olin Co. (NYSE:OLN) by 32.2% in the third quarter, Holdings Channel reports. The firm owned 8,314 shares of the specialty chemicals company’s stock after selling 3,945 shares during the quarter. HighTower Advisors LLC’s holdings in Olin were worth $397,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Pzena Investment Management LLC raised its holdings in shares of Olin by 24.8% during the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Olin by 429.8% in the second quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company’s stock worth $28,769,000 after acquiring an additional 494,976 shares during the period. Verition Fund Management LLC increased its position in Olin by 70.9% during the third quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company’s stock valued at $26,140,000 after acquiring an additional 225,930 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 acquiring an additional 194,755 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in Olin by 2,778.3% in the second quarter. Cubist Systematic Strategies LLC now owns 168,582 shares of the specialty chemicals company’s stock worth $7,949,000 after purchasing an additional 162,725 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.

Insider Buying and Selling at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

OLN has been the subject of several research reports. Citigroup reduced their price target on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 16th. BMO Capital Markets reduced their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Piper Sandler dropped their price target on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Barclays decreased their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Finally, Royal Bank of Canada cut their price target on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.14.

Olin Stock Performance

NYSE OLN opened at $33.45 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. Olin Co. has a twelve month low of $33.32 and a twelve month high of $60.60. The business has a 50-day moving average price of $41.81 and a 200-day moving average price of $44.33. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43.

Olin announced that its board has approved a share repurchase program on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.39%. Olin’s payout ratio is 64.52%.

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.