Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Olin Co. (NYSE:OLN)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Olin Co. (NYSE:OLN) in the fourth quarter, Holdings Channel reports. The firm bought 82,137 shares of the specialty chemicals company’s stock, valued at approximately $2,776,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wilmington Savings Fund Society FSB increased its holdings in Olin by 9.4% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock worth $197,000 after purchasing an additional 500 shares in the last quarter. Connable Office Inc. boosted its position in shares of Olin by 9.3% during the fourth quarter. Connable Office Inc. now owns 6,207 shares of the specialty chemicals company’s stock worth $210,000 after buying an additional 527 shares during the period. First Citizens Bank & Trust Co. grew its holdings in shares of Olin by 8.5% during the fourth quarter. First Citizens Bank & Trust Co. now owns 6,930 shares of the specialty chemicals company’s stock worth $234,000 after buying an additional 542 shares in the last quarter. Captrust Financial Advisors boosted its position in Olin by 14.4% during the 3rd quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock worth $240,000 after acquiring an additional 630 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Olin by 34.3% during the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock worth $98,000 after acquiring an additional 738 shares in the last quarter. Institutional investors own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OLN. Morgan Stanley cut their price objective on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. KeyCorp cut their price target on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. BMO Capital Markets decreased their price objective on Olin from $44.00 to $34.00 and set a “market perform” rating for the company in a report on Wednesday, February 5th. Barclays reissued an “equal weight” rating on shares of Olin in a research report on Monday, February 3rd. Finally, Truist Financial lowered their price target on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.38.

Olin Stock Up 1.0 %

Olin stock opened at $24.88 on Tuesday. The company’s 50-day moving average price is $28.67 and its two-hundred day moving average price is $37.18. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The stock has a market cap of $2.87 billion, a P/E ratio of 27.65 and a beta of 1.61. Olin Co. has a twelve month low of $22.98 and a twelve month high of $60.60.

Olin (NYSE:OLN) last released its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, analysts expect that Olin Co. will post 1.38 EPS for the current year.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Thursday, March 6th. Olin’s dividend payout ratio is 88.89%.

Olin declared that its Board of Directors has authorized a stock buyback plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Olin news, CEO Kenneth Todd Lane bought 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The shares were bought at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the acquisition, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Olin 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.