Olin Co. (NYSE:OLN) Shares Bought by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. raised its stake in Olin Co. (NYSE:OLN) by 55.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,062 shares of the specialty chemicals company’s stock after buying an additional 51,051 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.12% of Olin worth $4,835,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC grew its holdings in shares of Olin by 88.2% in the third 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 period. Covestor Ltd boosted its holdings in Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 715 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Olin in the 3rd quarter valued at approximately $47,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Olin by 26.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares during the last quarter. Finally, UMB Bank n.a. raised its position in shares of Olin by 4,862.5% during the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after buying an additional 1,556 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

Olin Price Performance

Shares of OLN opened at $31.02 on Friday. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of 25.02, a PEG ratio of 1.51 and a beta of 1.48. The firm’s fifty day simple moving average is $38.39 and its 200-day simple moving average is $42.62. Olin Co. has a twelve month low of $30.95 and a twelve month high of $60.60. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32.

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

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.58%. Olin’s dividend payout ratio is currently 64.52%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on OLN shares. BMO Capital Markets cut their target price on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. Barclays reduced their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Wells Fargo & Company lowered their target price on shares of 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 target on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, KeyCorp dropped their target price on shares of Olin from $56.00 to $50.00 and set an “overweight” rating for the company in a report on Friday. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $49.00.

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.