First Eagle Investment Management LLC reduced its stake in shares of Olin Corp. (NYSE:OLN) by 10.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,531,289 shares of the company’s stock after selling 299,515 shares during the period. First Eagle Investment Management LLC owned about 1.53% of Olin Corp. worth $51,942,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Pinnacle Holdings LLC raised its stake in shares of Olin Corp. by 0.4% in the second quarter. Pinnacle Holdings LLC now owns 52,425 shares of the company’s stock worth $1,302,000 after buying an additional 190 shares during the period. State Treasurer State of Michigan raised its stake in shares of Olin Corp. by 0.3% in the third quarter. State Treasurer State of Michigan now owns 66,511 shares of the company’s stock worth $1,365,000 after buying an additional 200 shares during the period. Heartland Advisors Inc. raised its stake in shares of Olin Corp. by 2.1% in the third quarter. Heartland Advisors Inc. now owns 18,289 shares of the company’s stock worth $375,000 after buying an additional 372 shares during the period. TD Asset Management Inc. raised its stake in shares of Olin Corp. by 1.6% in the third quarter. TD Asset Management Inc. now owns 31,100 shares of the company’s stock worth $638,000 after buying an additional 500 shares during the period. Finally, Capstone Asset Management Co. raised its stake in shares of Olin Corp. by 4.8% in the second quarter. Capstone Asset Management Co. now owns 13,395 shares of the company’s stock worth $333,000 after buying an additional 610 shares during the period. Institutional investors own 92.85% of the company’s stock.
Shares of Olin Corp. (NYSE:OLN) opened at 25.69 on Monday. The stock has a 50 day moving average of $22.58 and a 200 day moving average of $22.13. Olin Corp. has a 1-year low of $12.29 and a 1-year high of $26.46. The company’s market cap is $4.25 billion.
Olin Corp. (NYSE:OLN) last released its quarterly earnings data on Tuesday, November 1st. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. The firm earned $1.45 billion during the quarter, compared to analyst estimates of $1.44 billion. Olin Corp. had a positive return on equity of 5.30% and a negative net margin of 1.49%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 earnings per share. On average, equities analysts forecast that Olin Corp. will post $0.76 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Thursday, November 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Tuesday, November 8th. Olin Corp.’s payout ratio is -160.00%.
A number of analysts have commented on OLN shares. Zacks Investment Research upgraded shares of Olin Corp. from a “hold” rating to a “strong-buy” rating and set a $23.00 price target for the company in a research note on Wednesday, October 5th. Longbow Research lowered shares of Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price target for the company. in a research note on Wednesday, September 7th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Olin Corp. presently has an average rating of “Hold” and an average price target of $22.67.
In other Olin Corp. news, insider Pat D. Dawson purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The stock was bought at an average price of $22.54 per share, with a total value of $450,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is owned by corporate insiders.
About Olin Corp.