State of Alaska Department of Revenue Grows Stock Holdings in Olin Co. (NYSE:OLN)

State of Alaska Department of Revenue lifted its position in shares of Olin Co. (NYSE:OLN) by 18.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 92,295 shares of the specialty chemicals company’s stock after purchasing an additional 14,640 shares during the period. State of Alaska Department of Revenue’s holdings in Olin were worth $3,119,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. lifted its holdings in Olin by 55.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock worth $4,835,000 after buying an additional 51,051 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in Olin in the third quarter worth $916,000. Charles Schwab Investment Management Inc. lifted its stake in Olin by 2.9% in 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 period. KBC Group NV boosted its holdings in Olin by 82.9% in the fourth quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company’s stock valued at $185,000 after acquiring an additional 2,476 shares in the last quarter. Finally, Mariner Investment Group LLC purchased a new position in Olin during the 4th quarter valued at $355,000. 88.67% of the stock is owned by institutional investors.

Olin Trading Down 0.8 %

NYSE:OLN opened at $28.23 on Monday. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 31.37, a PEG ratio of 0.91 and a beta of 1.45. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The company’s 50 day moving average price is $34.03 and its 200-day moving average price is $40.36. Olin Co. has a 52 week low of $26.48 and a 52 week high of $60.60.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. On average, equities research analysts forecast that Olin Co. will post 1.83 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has initiated a stock buyback program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were purchased at an average price of $28.06 per share, with a total value of $203,435.00. Following the acquisition, the chief executive officer now directly owns 7,250 shares in the company, valued at $203,435. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OLN shares. Truist Financial dropped their target price on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research report on Monday, February 3rd. Morgan Stanley cut their price objective on Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. Piper Sandler dropped their price target on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. UBS Group decreased their price objective on Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, January 31st. Finally, Wells Fargo & Company dropped their target price on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Olin presently has an average rating of “Hold” and a consensus target price of $40.94.

About Olin

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.