Fmr LLC Sells 504,566 Shares of Olin Co. (NYSE:OLN)

Fmr LLC lessened its holdings in Olin Co. (NYSE:OLN) by 4.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,752,252 shares of the specialty chemicals company’s stock after selling 504,566 shares during the quarter. Fmr LLC owned 8.36% of Olin worth $467,913,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in OLN. Pzena Investment Management LLC lifted its position in Olin by 24.8% in the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares during the last quarter. AQR Capital Management LLC raised its holdings in Olin by 429.8% during the 2nd quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company’s stock valued at $28,769,000 after buying an additional 494,976 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Olin by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after buying an additional 194,755 shares during the period. Cubist Systematic Strategies LLC grew its holdings in Olin by 2,778.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 168,582 shares of the specialty chemicals company’s stock worth $7,949,000 after acquiring an additional 162,725 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Olin by 49.8% in the second quarter. Hsbc Holdings PLC now owns 268,233 shares of the specialty chemicals company’s stock valued at $12,737,000 after acquiring an additional 89,178 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on OLN. KeyCorp dropped their target price on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Barclays reduced their target price on Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Royal Bank of Canada decreased their target price on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Mizuho initiated coverage on shares of Olin in a report on Thursday, August 8th. They issued a “neutral” rating and a $45.00 price target on the stock. Finally, Wells Fargo & Company decreased their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $51.86.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

Olin Stock Performance

Shares of OLN opened at $42.59 on Friday. Olin Co. has a 52 week low of $39.47 and a 52 week high of $60.60. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The stock has a market cap of $4.97 billion, a P/E ratio of 34.35, a P/E/G ratio of 1.73 and a beta of 1.43. The business’s 50 day moving average price is $44.41 and its 200-day moving average price is $46.11.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. Olin’s payout ratio is presently 64.52%.

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.