First Citizens Bank & Trust Co. Acquires 542 Shares of Olin Co. (NYSE:OLN)

First Citizens Bank & Trust Co. grew its holdings in shares of Olin Co. (NYSE:OLN) by 8.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,930 shares of the specialty chemicals company’s stock after acquiring an additional 542 shares during the period. First Citizens Bank & Trust Co.’s holdings in Olin were worth $234,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of OLN. Farther Finance Advisors LLC increased its holdings in 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 grew its position in shares of 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 buying an additional 715 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Olin in the third quarter valued at about $47,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Olin by 26.2% during 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 acquiring an additional 318 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Olin by 4,862.5% in the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock worth $76,000 after acquiring an additional 1,556 shares during the period. Institutional investors own 88.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OLN. Royal Bank of Canada lowered their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. Piper Sandler cut their price target on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays decreased their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Finally, Truist Financial initiated coverage on Olin in a research report on Tuesday. They set a “hold” rating and a $38.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Olin presently has a consensus rating of “Hold” and an average target price of $46.50.

Olin Stock Down 1.5 %

Olin stock opened at $32.60 on Wednesday. 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 firm’s fifty day moving average price is $36.16 and its two-hundred day moving average price is $41.42. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 0.78 and a beta of 1.48. Olin Co. has a 1-year low of $30.69 and a 1-year high of $60.60.

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 an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by 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.