Heartland Advisors Inc. Invests $217,000 in Olin Corporation (OLN)
Heartland Advisors Inc. purchased a new position in Olin Corporation (NYSE:OLN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,335 shares of the specialty chemicals company’s stock, valued at approximately $217,000.
Other large investors have also recently modified their holdings of the company. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new stake in shares of Olin Corporation in the first quarter worth approximately $118,000. Acrospire Investment Management LLC boosted its stake in shares of Olin Corporation by 238.5% in the second quarter. Acrospire Investment Management LLC now owns 4,400 shares of the specialty chemicals company’s stock worth $133,000 after acquiring an additional 3,100 shares during the last quarter. Creative Planning boosted its stake in shares of Olin Corporation by 130.8% in the second quarter. Creative Planning now owns 5,050 shares of the specialty chemicals company’s stock worth $153,000 after acquiring an additional 2,862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Olin Corporation by 9.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,126 shares of the specialty chemicals company’s stock worth $185,000 after acquiring an additional 544 shares during the last quarter. Finally, Frontier Wealth Management LLC acquired a new stake in shares of Olin Corporation in the second quarter worth approximately $200,000. 92.93% of the stock is currently owned by hedge funds and other institutional investors.
Olin Corporation (NYSE:OLN) last released its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.04). Olin Corporation had a return on equity of 6.05% and a net margin of 1.29%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the business posted $0.11 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Thursday, November 9th. Olin Corporation’s dividend payout ratio (DPR) is 177.78%.
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A number of brokerages have recently issued reports on OLN. TheStreet raised Olin Corporation from a “c+” rating to a “b” rating in a research note on Tuesday. BidaskClub raised Olin Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Citigroup Inc. began coverage on Olin Corporation in a research note on Wednesday, September 27th. They issued a “buy” rating and a $39.00 price target on the stock. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $44.00 price target (up from $36.00) on shares of Olin Corporation in a research note on Monday, October 2nd. Finally, Cowen and Company set a $39.00 price target on Olin Corporation and gave the stock a “buy” rating in a research note on Friday, July 28th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $36.88.
In other news, VP Stephen C. Curley sold 5,000 shares of the firm’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 owns 23,837 shares in the company, valued at $723,214.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by company insiders.
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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