Bank of America Corp DE Sells 964,423 Shares of Olin Co. (NYSE:OLN)

Bank of America Corp DE trimmed its stake in Olin Co. (NYSE:OLN) by 56.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 735,368 shares of the specialty chemicals company’s stock after selling 964,423 shares during the period. Bank of America Corp DE’s holdings in Olin were worth $24,855,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Covestor Ltd raised its holdings in Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 419 shares during the period. Spire Wealth Management boosted its stake in Olin by 246.8% during the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after buying an additional 1,150 shares during the period. CoreFirst Bank & Trust bought a new position in Olin during the fourth quarter valued at $66,000. Jones Financial Companies Lllp raised its stake in shares of Olin by 59.9% in the fourth quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock valued at $82,000 after acquiring an additional 911 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock valued at $98,000 after acquiring an additional 738 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Citigroup dropped their price target on shares of Olin from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, March 27th. Truist Financial dropped their target price on Olin from $25.00 to $24.00 and set a “hold” rating for the company in a research report on Monday, May 5th. The Goldman Sachs Group reduced their price target on Olin from $33.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. JPMorgan Chase & Co. decreased their price target on Olin from $28.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Finally, Piper Sandler cut their price objective on Olin from $33.00 to $26.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $28.07.

Olin Trading Up 0.1%

OLN opened at $21.12 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The stock’s fifty day moving average is $22.20 and its two-hundred day moving average is $29.93. The company has a market capitalization of $2.43 billion, a P/E ratio of 23.47 and a beta of 1.56. Olin Co. has a 52 week low of $17.66 and a 52 week high of $56.98.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.14. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Olin had a return on equity of 5.10% and a net margin of 1.66%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 earnings per share. Analysts forecast that Olin Co. will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Thursday, May 15th. Olin’s dividend payout ratio (DPR) is 156.86%.

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.