Olin Corporation (NYSE:OLN) Short Interest Update
by Doug Wharley · The Cerbat GemOlin Corporation (NYSE:OLN – Get Free Report) was the recipient of a large drop in short interest in April. As of April 15th, there was short interest totaling 11,045,340 shares, a drop of 18.5% from the March 31st total of 13,544,445 shares. Based on an average daily trading volume, of 2,616,280 shares, the short-interest ratio is currently 4.2 days. Currently, 9.9% of the shares of the stock are sold short.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on OLN shares. Citigroup raised their price objective on Olin from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Wall Street Zen upgraded Olin from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Zacks Research upgraded Olin from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Mizuho raised their price objective on Olin from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, March 31st. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Olin in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.93.
Read Our Latest Research Report on OLN
Insider Buying and Selling at Olin
In other Olin news, VP Angela M. Castle sold 2,379 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $24.25, for a total value of $57,690.75. Following the transaction, the vice president owned 1,528 shares in the company, valued at approximately $37,054. This trade represents a 60.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP R Nichole Sumner sold 4,750 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $22.49, for a total value of $106,827.50. Following the completion of the transaction, the vice president owned 24,771 shares in the company, valued at $557,099.79. The trade was a 16.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 99,379 shares of company stock worth $2,238,298. Corporate insiders own 1.60% of the company’s stock.
Institutional Trading of Olin
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Olin by 20.2% during the 1st quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock worth $2,066,000 after purchasing an additional 14,344 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Olin during the 1st quarter worth about $32,000. Jones Financial Companies Lllp increased its position in shares of Olin by 467.9% during the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock worth $335,000 after purchasing an additional 11,374 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Olin by 57.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock worth $14,268,000 after purchasing an additional 215,235 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Olin by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company’s stock valued at $7,696,000 after acquiring an additional 20,047 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.
Olin Trading Up 0.6%
Shares of OLN traded up $0.16 during midday trading on Friday, reaching $28.64. The company had a trading volume of 2,034,226 shares, compared to its average volume of 2,147,753. Olin has a 1-year low of $18.08 and a 1-year high of $30.46. The stock has a market cap of $3.26 billion, a PE ratio of -75.38 and a beta of 1.21. The firm has a 50 day simple moving average of $26.54 and a 200-day simple moving average of $23.60. The company has a quick ratio of 0.73, a current ratio of 1.21 and a debt-to-equity ratio of 1.45.
Olin (NYSE:OLN – Get Free Report) last issued its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.58). Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the company earned $0.09 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. Research analysts forecast that Olin will post -0.9 EPS for the current fiscal year.
Olin Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. Olin’s dividend payout ratio (DPR) is -210.53%.
About Olin
Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.
In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.