Garner Asset Management Corp Has $358,000 Stake in Olin Corporation (OLN)
Garner Asset Management Corp decreased its holdings in shares of Olin Corporation (NYSE:OLN) by 12.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,460 shares of the specialty chemicals company’s stock after selling 1,499 shares during the quarter. Garner Asset Management Corp’s holdings in Olin Corporation were worth $358,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in OLN. Thrivent Financial For Lutherans grew its stake in Olin Corporation by 9.4% in the 1st quarter. Thrivent Financial For Lutherans now owns 30,970 shares of the specialty chemicals company’s stock valued at $1,018,000 after buying an additional 2,660 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Olin Corporation in the 1st quarter valued at $805,000. AQR Capital Management LLC acquired a new position in Olin Corporation in the 1st quarter valued at $1,652,000. HighTower Advisors LLC grew its stake in Olin Corporation by 30.6% in the 1st quarter. HighTower Advisors LLC now owns 10,536 shares of the specialty chemicals company’s stock valued at $350,000 after buying an additional 2,466 shares during the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in Olin Corporation in the 1st quarter valued at $914,000. Institutional investors own 92.93% of the company’s stock.
A number of research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Olin Corporation from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 4th. Cowen and Company reiterated an “outperform” rating and issued a $42.00 target price (up from $39.00) on shares of Olin Corporation in a research note on Tuesday, October 10th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $44.00 target price (up from $36.00) on shares of Olin Corporation in a research note on Monday, October 2nd. Citigroup Inc. assumed coverage on shares of Olin Corporation in a research note on Wednesday, September 27th. They issued a “buy” rating and a $39.00 target price on the stock. Finally, BidaskClub upgraded shares of Olin Corporation from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Olin Corporation has a consensus rating of “Buy” and an average price target of $36.88.
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Olin Corporation (NYSE:OLN) traded up 0.42% on Tuesday, reaching $35.88. 1,913,273 shares of the company were exchanged. Olin Corporation has a 12-month low of $20.43 and a 12-month high of $37.46. The firm has a market capitalization of $5.97 billion, a PE ratio of 139.61 and a beta of 1.42. The stock has a 50 day moving average of $34.57 and a 200 day moving average of $31.58.
Olin Corporation (NYSE:OLN) last posted its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.04). Olin Corporation had a return on equity of 5.80% and a net margin of 0.72%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the company posted $0.11 earnings per share. The business’s revenue was up 7.0% compared to the same quarter last year. Equities analysts anticipate that Olin Corporation will post $1.01 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, November 9th. Olin Corporation’s dividend payout ratio (DPR) is currently 320.00%.
In other Olin Corporation news, EVP John L. Mcintosh sold 16,070 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total transaction of $498,491.40. Following the sale, the executive vice president now directly owns 60,391 shares of the company’s stock, valued at $1,873,328.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stephen C. Curley sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $30.34, for a total transaction of $151,700.00. Following the sale, the vice president now directly owns 23,837 shares in the company, valued at $723,214.58. The disclosure for this sale can be found here. Insiders have sold 45,070 shares of company stock worth $1,407,151 over the last ninety days. Insiders own 2.90% of the company’s stock.
Olin Corporation Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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