Olin Co. (NYSE:OLN) Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans grew its holdings in shares of Olin Co. (NYSE:OLN) by 5,746.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,613,796 shares of the specialty chemicals company’s stock after purchasing an additional 1,586,192 shares during the period. Thrivent Financial for Lutherans owned about 1.38% of Olin worth $54,546,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Spire Wealth Management grew its stake in shares of Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 1,150 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Olin by 59.9% during the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock worth $82,000 after purchasing an additional 911 shares in the last quarter. Blue Trust Inc. increased its holdings in 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 purchasing an additional 738 shares during the period. Crews Bank & Trust acquired a new stake in Olin in the 4th quarter valued at about $153,000. Finally, KBC Group NV boosted its stake in shares of Olin by 82.9% in the 4th quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company’s stock valued at $185,000 after buying an additional 2,476 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Insider Buying and Selling at Olin

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was purchased 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 directly owns 7,250 shares in the company, valued at $203,435. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on OLN. Morgan Stanley cut their target price on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. Piper Sandler cut shares of Olin from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $41.00 to $33.00 in a research report on Thursday, February 13th. Wells Fargo & Company reissued an “equal weight” rating on shares of Olin in a report on Monday, February 3rd. Finally, Barclays reaffirmed an “equal weight” rating on shares of Olin in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.38.

Olin Stock Performance

Shares of Olin stock opened at $25.30 on Thursday. The firm’s fifty day simple moving average is $28.40 and its 200-day simple moving average is $36.96. Olin Co. has a 12 month low of $22.98 and a 12 month high of $60.60. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 28.11 and a beta of 1.61. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77.

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

Olin announced that its board has approved a stock buyback program on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, March 6th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a yield of 3.16%. Olin’s payout ratio is 88.89%.

About Olin

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.