Texas Permanent School Fund Lowers Stake in Olin Co. (OLN)

Texas Permanent School Fund reduced its stake in shares of Olin Co. (NYSE:OLN) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 105,077 shares of the specialty chemicals company’s stock after selling 2,844 shares during the period. Texas Permanent School Fund’s holdings in Olin were worth $2,698,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Olin by 68.3% during the second quarter. FMR LLC now owns 12,699,713 shares of the specialty chemicals company’s stock worth $364,736,000 after buying an additional 5,155,375 shares during the period. Iridian Asset Management LLC CT lifted its stake in shares of Olin by 1.9% during the second quarter. Iridian Asset Management LLC CT now owns 7,577,714 shares of the specialty chemicals company’s stock worth $217,632,000 after buying an additional 139,899 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Olin by 10.5% during the second quarter. Macquarie Group Ltd. now owns 3,890,639 shares of the specialty chemicals company’s stock worth $111,739,000 after buying an additional 369,392 shares during the period. Northern Trust Corp lifted its stake in shares of Olin by 0.7% during the second quarter. Northern Trust Corp now owns 1,329,809 shares of the specialty chemicals company’s stock worth $38,192,000 after buying an additional 9,308 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of Olin by 8.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,181,523 shares of the specialty chemicals company’s stock worth $33,934,000 after buying an additional 91,380 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

In related news, EVP John L. Mcintosh sold 42,000 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $29.98, for a total transaction of $1,259,160.00. Following the completion of the transaction, the executive vice president now directly owns 97,141 shares in the company, valued at $2,912,287.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

NYSE OLN opened at $21.40 on Friday. The firm has a market cap of $3.57 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 0.30 and a beta of 1.75. Olin Co. has a 1 year low of $18.49 and a 1 year high of $38.84. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.81 and a quick ratio of 1.07.

Olin (NYSE:OLN) last posted its earnings results on Monday, October 29th. The specialty chemicals company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09). The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.80 billion. Olin had a net margin of 11.02% and a return on equity of 10.70%. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts predict that Olin Co. will post 1.89 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 3.74%. Olin’s dividend payout ratio is presently 98.77%.

Several research firms have recently commented on OLN. Cowen lifted their price objective on shares of Olin from $41.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, August 6th. TheStreet upgraded shares of Olin from a “c+” rating to a “b” rating in a research note on Wednesday, August 1st. Standpoint Research assumed coverage on shares of Olin in a research report on Tuesday, August 28th. They set a “buy” rating and a $20.00 target price for the company. Zacks Investment Research downgraded shares of Olin from a “hold” rating to a “sell” rating in a research report on Tuesday, July 17th. Finally, Citigroup decreased their target price on shares of Olin from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $31.91.

Olin Company Profile

Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.

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Institutional Ownership by Quarter for Olin (NYSE:OLN)

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