Olin Co. (NYSE:OLN) Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its position in Olin Co. (NYSE:OLN) by 12.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,590 shares of the specialty chemicals company’s stock after buying an additional 1,911 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Olin were worth $595,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pzena Investment Management LLC increased its position in shares of Olin by 7.4% during the fourth quarter. Pzena Investment Management LLC now owns 3,709,611 shares of the specialty chemicals company’s stock worth $125,385,000 after acquiring an additional 256,903 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Olin by 5,746.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,613,796 shares of the specialty chemicals company’s stock valued at $54,546,000 after purchasing an additional 1,586,192 shares in the last quarter. Norges Bank purchased a new stake in Olin during the 4th quarter worth approximately $47,887,000. Charles Schwab Investment Management Inc. raised its position in shares of Olin by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,353,907 shares of the specialty chemicals company’s stock valued at $45,762,000 after purchasing an additional 58,208 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Olin by 8.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,305,521 shares of the specialty chemicals company’s stock valued at $44,127,000 after buying an additional 97,980 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Trading Down 6.8 %

Olin stock opened at $17.87 on Wednesday. The firm has a 50-day moving average price of $25.40 and a two-hundred day moving average price of $34.91. Olin Co. has a 52-week low of $17.66 and a 52-week high of $59.31. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 19.85 and a beta of 1.50. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32.

Olin (NYSE:OLN) last posted its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. Sell-side analysts expect that Olin Co. will post 1.38 earnings per share for the current year.

Olin declared that its Board of Directors has authorized a stock buyback plan on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Thursday, March 6th. Olin’s payout ratio is currently 88.89%.

Insider Activity at Olin

In other news, CEO Kenneth Todd Lane purchased 7,250 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the purchase, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

OLN has been the subject of a number of research analyst reports. Piper Sandler dropped their price target on shares of Olin from $33.00 to $26.00 and set a “neutral” rating for the company in a research note on Monday. Wells Fargo & Company cut their target price on shares of Olin from $31.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 1st. UBS Group decreased their price target on Olin from $34.00 to $21.00 and set a “neutral” rating for the company in a research note on Monday. Royal Bank of Canada cut Olin from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $45.00 to $30.00 in a research note on Tuesday, February 4th. Finally, Morgan Stanley decreased their target price on Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.81.

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.