Summit Investment Advisors Inc. Trims Stock Holdings in Olin Co. (NYSE:OLN)

Summit Investment Advisors Inc. lessened its position in shares of Olin Co. (NYSE:OLN) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,354 shares of the specialty chemicals company’s stock after selling 752 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Olin were worth $789,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Covestor Ltd boosted its position in Olin by 45.8% in the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 419 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in shares of Olin by 9.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock valued at $197,000 after acquiring an additional 500 shares during the last quarter. Connable Office Inc. increased its stake in shares of Olin by 9.3% in the fourth quarter. Connable Office Inc. now owns 6,207 shares of the specialty chemicals company’s stock worth $210,000 after acquiring an additional 527 shares during the period. First Citizens Bank & Trust Co. increased its stake in shares of Olin by 8.5% in the fourth quarter. First Citizens Bank & Trust Co. now owns 6,930 shares of the specialty chemicals company’s stock worth $234,000 after acquiring an additional 542 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of Olin by 34.3% during the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock worth $98,000 after purchasing an additional 738 shares during the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

Olin Stock Up 2.3 %

Shares of OLN opened at $20.83 on Friday. The stock has a 50 day moving average price of $24.17 and a 200 day moving average price of $33.63. Olin Co. has a one year low of $17.66 and a one year high of $57.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 23.14 and a beta of 1.50.

Olin (NYSE:OLN) last announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (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%. Equities research analysts forecast that Olin Co. will post 1.38 earnings per share for the current fiscal year.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Thursday, March 6th. Olin’s dividend payout ratio (DPR) is currently 88.89%.

Wall Street Analysts Forecast Growth

OLN has been the topic of several analyst reports. BMO Capital Markets cut their price target on Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 5th. JPMorgan Chase & Co. downgraded Olin from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $50.00 to $28.00 in a report on Thursday, February 27th. Morgan Stanley dropped their price objective on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. KeyCorp lowered their price target on shares of Olin from $40.00 to $34.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and cut their price objective for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $33.25.

Insider Buying and Selling at Olin

In other news, CEO Kenneth Todd Lane purchased 7,250 shares of the 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 transaction, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is owned by company insiders.

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.