Teachers Retirement System of The State of Kentucky Reduces Holdings in Olin Co. (NYSE:OLN)

Teachers Retirement System of The State of Kentucky cut its position in Olin Co. (NYSE:OLN) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,628 shares of the specialty chemicals company’s stock after selling 1,040 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Olin were worth $1,949,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Segall Bryant & Hamill LLC acquired a new position in Olin in the 3rd quarter worth $916,000. Charles Schwab Investment Management Inc. increased its position in shares of Olin by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock worth $62,168,000 after acquiring an additional 37,043 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of Olin in the second quarter worth about $2,350,000. Canada Pension Plan Investment Board boosted its holdings in Olin by 846.7% in the second quarter. Canada Pension Plan Investment Board now owns 14,200 shares of the specialty chemicals company’s stock valued at $670,000 after purchasing an additional 12,700 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in Olin by 36.6% during the 3rd quarter. Wedge Capital Management L L P NC now owns 50,613 shares of the specialty chemicals company’s stock valued at $2,428,000 after purchasing an additional 13,557 shares in the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

Olin Price Performance

Shares of OLN opened at $35.33 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The company has a market cap of $4.12 billion, a P/E ratio of 29.03, a PEG ratio of 1.51 and a beta of 1.43. Olin Co. has a 12 month low of $35.27 and a 12 month high of $60.60. The stock has a fifty day moving average price of $43.08 and a 200 day moving average price of $44.95.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.26%. Olin’s dividend payout ratio is presently 64.52%.

Olin announced that its board has approved a stock repurchase plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on OLN shares. Wells Fargo & Company reduced their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Piper Sandler reduced their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Barclays dropped their target price on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday. BMO Capital Markets reduced their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Finally, KeyCorp lowered their price objective on Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Olin currently has a consensus rating of “Hold” and a consensus price target of $50.14.

Insider Buying and Selling at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the sale, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is currently owned by company insiders.

Olin Company 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.