Yacktman Asset Management LP Trims Stock Holdings in Olin Co. (NYSE:OLN)

Yacktman Asset Management LP cut its stake in shares of Olin Co. (NYSE:OLN) by 6.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,919,957 shares of the specialty chemicals company’s stock after selling 292,186 shares during the period. Olin makes up 1.9% of Yacktman Asset Management LP’s holdings, making the stock its 22nd biggest holding. Yacktman Asset Management LP’s holdings in Olin were worth $188,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC acquired a new position in shares of Olin during the first quarter worth about $28,000. Farther Finance Advisors LLC increased its position in shares of Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Olin by 4,375.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 525 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Olin in the 2nd quarter valued at $33,000. Finally, Denver PWM LLC purchased a new stake in shares of Olin during the 2nd quarter worth $59,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Price Performance

OLN opened at $41.99 on Tuesday. The company has a market capitalization of $4.90 billion, a P/E ratio of 33.86, a PEG ratio of 1.65 and a beta of 1.43. Olin Co. has a 1-year low of $39.47 and a 1-year high of $60.60. The company has a 50-day moving average of $44.52 and a 200-day moving average of $47.53. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 1.91%. Olin’s payout ratio is currently 64.52%.

Wall Street Analyst Weigh In

OLN has been the subject of several analyst reports. Wells Fargo & Company lowered their price objective on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. The Goldman Sachs Group cut their price objective on shares of Olin from $55.00 to $49.00 and set a “neutral” rating on the stock in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Olin from a “neutral” rating to an “overweight” rating and set a $55.00 target price for the company in a report on Monday, July 29th. Barclays cut their price target on shares of Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Finally, BMO Capital Markets dropped their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $51.86.

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.