Virginia Retirement Systems ET AL acquired a new position in Olin Co. (NYSE:OLN) in the 1st quarter, HoldingsChannel reports. The firm acquired 11,800 shares of the specialty chemicals company’s stock, valued at approximately $359,000.
Several other institutional investors also recently modified their holdings of OLN. Bessemer Group Inc. raised its stake in shares of Olin by 971.4% in the fourth quarter. Bessemer Group Inc. now owns 4,725 shares of the specialty chemicals company’s stock worth $168,000 after purchasing an additional 4,284 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Olin during the fourth quarter valued at approximately $178,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Olin during the fourth quarter valued at approximately $201,000. Atria Investments LLC purchased a new stake in shares of Olin during the first quarter valued at approximately $201,000. Finally, Naples Global Advisors LLC purchased a new stake in shares of Olin during the fourth quarter valued at approximately $206,000. 89.02% of the stock is owned by hedge funds and other institutional investors.
Get Olin alerts:In other Olin news, EVP John L. Mcintosh sold 8,750 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $32.79, for a total transaction of $286,912.50. Following the completion of the transaction, the executive vice president now directly owns 63,891 shares of the company’s stock, valued at $2,094,985.89. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen C. Curley sold 6,250 shares of the stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $33.00, for a total value of $206,250.00. Following the transaction, the insider now directly owns 25,837 shares of the company’s stock, valued at $852,621. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
OLN has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed a “buy” rating and set a $37.00 price target on shares of Olin in a research report on Tuesday, April 17th. Citigroup decreased their price target on Olin from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Tuesday, April 10th. Cowen reaffirmed a “buy” rating and set a $41.00 price target on shares of Olin in a research report on Friday, February 9th. Nomura decreased their price target on Olin from $43.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, February 8th. Finally, SunTrust Banks reaffirmed a “buy” rating on shares of Olin in a research report on Tuesday, February 13th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Olin currently has a consensus rating of “Buy” and a consensus price target of $38.33.
Shares of NYSE OLN opened at $33.22 on Friday. Olin Co. has a 1-year low of $27.79 and a 1-year high of $38.84. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 41.01, a PEG ratio of 0.87 and a beta of 1.44. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.75 and a quick ratio of 1.05.
Olin declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the specialty chemicals company to purchase up to 9.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Thursday, May 10th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.41%. The ex-dividend date is Wednesday, May 9th. Olin’s dividend payout ratio (DPR) is 98.77%.
Olin Company Profile
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.
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