Citigroup Inc. Reduces Stock Holdings in Olin Co. (NYSE:OLN)
Citigroup Inc. lowered its position in Olin Co. (NYSE:OLN – Free Report) by 88.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,073 shares of the specialty chemicals company’s stock after selling 175,734 shares during the quarter. Citigroup Inc.’s holdings in Olin were worth $1,186,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in OLN. HighTower Advisors LLC raised its holdings in shares of Olin by 10.4% in the 1st quarter. HighTower Advisors LLC now owns 7,760 shares of the specialty chemicals company’s stock worth $407,000 after purchasing an additional 728 shares during the period. Private Advisor Group LLC purchased a new position in shares of Olin in the 1st quarter worth about $230,000. Acadian Asset Management LLC purchased a new position in shares of Olin in the 1st quarter worth about $53,000. Great West Life Assurance Co. Can raised its holdings in shares of Olin by 8.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,375 shares of the specialty chemicals company’s stock worth $4,437,000 after purchasing an additional 6,589 shares during the period. Finally, U.S. Capital Wealth Advisors LLC raised its holdings in shares of Olin by 5.8% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 4,714 shares of the specialty chemicals company’s stock worth $246,000 after purchasing an additional 259 shares during the period. Hedge funds and other institutional investors own 85.69% of the company’s stock.
Analyst Ratings Changes
Several brokerages recently commented on OLN. Vertical Research downgraded Olin from a “buy” rating to a “hold” rating and set a $58.00 target price on the stock. in a report on Tuesday, September 5th. Stifel Nicolaus dropped their target price on Olin from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, October 30th. Citigroup began coverage on Olin in a report on Monday, November 13th. They set a “buy” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. downgraded Olin from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $75.00 to $48.00 in a report on Monday, October 30th. Finally, Morgan Stanley dropped their price objective on Olin from $50.00 to $38.00 and set an “underweight” rating on the stock in a report on Monday, October 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $54.43.
Get Our Latest Stock Analysis on OLN
Olin Price Performance
Shares of OLN opened at $49.43 on Thursday. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 9.69 and a beta of 1.42. The stock has a 50 day moving average of $46.52 and a 200-day moving average of $50.75. The company has a current ratio of 1.50, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Olin Co. has a 52 week low of $41.71 and a 52 week high of $64.70.
Olin (NYSE:OLN – Get Free Report) last released its quarterly earnings data on Friday, October 27th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.15. Olin had a return on equity of 24.36% and a net margin of 8.39%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the firm posted $2.18 EPS. The business’s revenue for the quarter was down 28.0% compared to the same quarter last year. As a group, analysts forecast that Olin Co. will post 3.33 EPS for the current year.
Olin Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Thursday, November 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 1.62%. Olin’s dividend payout ratio is currently 17.62%.
Olin Profile (Free Report)
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.
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Original: MarketBeat News Feed: Citigroup Inc. Reduces Stock Holdings in Olin Co. (NYSE:OLN)