Allspring Global Investments Holdings LLC Trims Stake in Olin Co. (NYSE:OLN)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Olin Co. (NYSE:OLN) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 984,736 shares of the specialty chemicals company’s stock after selling 76,265 shares during the period. Allspring Global Investments Holdings LLC owned about 0.84% of Olin worth $33,008,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC increased its stake 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 worth $28,000 after purchasing an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Olin by 26.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after purchasing an additional 318 shares in the last quarter. Entropy Technologies LP increased its stake in shares of Olin by 2.5% in the third quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock worth $648,000 after purchasing an additional 332 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Olin by 3.0% in the third quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock worth $568,000 after purchasing an additional 350 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Olin by 9.4% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock worth $197,000 after purchasing an additional 500 shares in the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on OLN shares. UBS Group reduced their price objective on shares of Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, January 31st. Wells Fargo & Company reduced their price objective on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. KeyCorp cut their target price on shares of Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Piper Sandler cut shares of Olin from an “overweight” rating to a “neutral” rating and cut their target price for the company from $41.00 to $33.00 in a research note on Thursday. Finally, Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and cut their target price for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $40.44.

Olin Price Performance

OLN stock opened at $27.72 on Friday. Olin Co. has a 52 week low of $26.48 and a 52 week high of $60.60. 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 has a fifty day simple moving average of $32.91 and a two-hundred day simple moving average of $39.89. The firm has a market capitalization of $3.23 billion, a P/E ratio of 30.80, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45.

Olin (NYSE:OLN) last released its quarterly earnings data 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 net margin of 1.66% and a return on equity of 5.10%. Analysts anticipate that Olin Co. will post 1.83 earnings per share for the current fiscal year.

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

Insider Transactions at Olin

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The stock was purchased at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the acquisition, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.60% of the company’s stock.

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.