Cubist Systematic Strategies LLC decreased its stake in shares of Olin Co. (NYSE:OLN) by 72.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,139 shares of the specialty chemicals company’s stock after selling 40,782 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Olin were worth $519,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of OLN. Kensico Capital Management Corp lifted its holdings in Olin by 43.3% during the third quarter. Kensico Capital Management Corp now owns 7,800,000 shares of the specialty chemicals company’s stock valued at $267,150,000 after purchasing an additional 2,355,000 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Olin in the third quarter worth about $2,130,000. Vident Investment Advisory LLC purchased a new position in shares of Olin in the third quarter worth about $474,000. Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Olin by 45.8% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 1,000,059 shares of the specialty chemicals company’s stock worth $34,250,000 after buying an additional 314,147 shares in the last quarter. Finally, Investment Centers of America Inc. purchased a new position in shares of Olin in the third quarter worth about $278,000. Institutional investors and hedge funds own 89.68% of the company’s stock.
OLN has been the subject of several recent analyst reports. TheStreet upgraded shares of Olin from a “c+” rating to a “b” rating in a research report on Tuesday, October 31st. Zacks Investment Research upgraded shares of Olin from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Friday. Vertical Research upgraded shares of Olin from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Royal Bank of Canada reissued a “buy” rating and issued a $42.00 price objective on shares of Olin in a research note on Thursday, December 14th. Finally, SunTrust Banks reissued a “buy” rating and issued a $46.00 price objective on shares of Olin in a research note on Monday, November 6th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $39.10.
In other news, EVP John L. Mcintosh sold 9,500 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $35.42, for a total transaction of $336,490.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dolores J. Ennico sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $36.80, for a total transaction of $552,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,083 shares of company stock worth $2,741,284. 2.90% of the stock is owned by insiders.
Olin Co. (OLN) opened at $38.07 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.72 and a quick ratio of 1.03. Olin Co. has a 12 month low of $25.60 and a 12 month high of $38.84. The stock has a market cap of $6,340.00, a price-to-earnings ratio of 82.76, a price-to-earnings-growth ratio of 1.20 and a beta of 1.39.
Olin (NYSE:OLN) last posted its quarterly earnings results on Monday, October 30th. The specialty chemicals company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.04). Olin 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 analyst estimates of $1.58 billion. During the same period last year, the company earned $0.11 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. equities research analysts anticipate that Olin Co. will post 0.93 earnings per share for the current fiscal year.
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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