Verition Fund Management LLC Has $26.14 Million Holdings in Olin Co. (NYSE:OLN)

Verition Fund Management LLC grew its position in shares of Olin Co. (NYSE:OLN) by 70.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 544,814 shares of the specialty chemicals company’s stock after buying an additional 225,930 shares during the quarter. Verition Fund Management LLC owned approximately 0.47% of Olin worth $26,140,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Pzena Investment Management LLC grew its position in Olin by 24.8% during the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock worth $165,661,000 after acquiring an additional 685,710 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Olin by 429.8% during the second quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company’s stock valued at $28,769,000 after purchasing an additional 494,976 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Olin by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after buying an additional 194,755 shares during the period. Cubist Systematic Strategies LLC raised its holdings in Olin by 2,778.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 168,582 shares of the specialty chemicals company’s stock worth $7,949,000 after purchasing an additional 162,725 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Olin by 49.8% during the second quarter. Hsbc Holdings PLC now owns 268,233 shares of the specialty chemicals company’s stock worth $12,737,000 after buying an additional 89,178 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Trading Up 1.5 %

NYSE OLN opened at $42.70 on Friday. Olin Co. has a 12 month low of $39.47 and a 12 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. The stock has a 50 day moving average of $44.44 and a 200-day moving average of $46.20. The company has a market cap of $4.98 billion, a PE ratio of 34.44, a PEG ratio of 1.73 and a beta of 1.43.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Thursday, November 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, November 14th. Olin’s dividend payout ratio is currently 64.52%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on OLN shares. Royal Bank of Canada cut their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. BMO Capital Markets dropped their price target on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler reduced their price objective on Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Mizuho assumed coverage on Olin in a research report on Thursday, August 8th. They issued a “neutral” rating and a $45.00 target price on the stock. Finally, Wells Fargo & Company cut their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $51.86.

Insider Activity

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

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.