Yacktman Asset Management LP Lowers Stock Holdings in Olin Co. (NYSE:OLN)

Yacktman Asset Management LP reduced its position in Olin Co. (NYSE:OLN) by 6.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,919,957 shares of the specialty chemicals company’s stock after selling 292,186 shares during the quarter. Olin accounts for about 1.9% of Yacktman Asset Management LP’s holdings, making the stock its 22nd largest holding. Yacktman Asset Management LP owned approximately 3.33% of Olin worth $188,080,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. FORA Capital LLC boosted its position in Olin by 47.4% during the first quarter. FORA Capital LLC now owns 14,149 shares of the specialty chemicals company’s stock valued at $832,000 after buying an additional 4,552 shares during the period. Empowered Funds LLC lifted its position in Olin by 42.3% in the first quarter. Empowered Funds LLC now owns 48,020 shares of the specialty chemicals company’s stock valued at $2,824,000 after purchasing an additional 14,279 shares during the last quarter. Swiss National Bank increased its stake in shares of Olin by 2.7% in the first quarter. Swiss National Bank now owns 241,932 shares of the specialty chemicals company’s stock worth $14,226,000 after buying an additional 6,300 shares during the period. Meeder Asset Management Inc. purchased a new stake in Olin during the 1st quarter valued at $167,000. Finally, Headlands Technologies LLC purchased a new position in Olin during the 1st quarter valued at about $69,000. 88.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, July 29th. Royal Bank of Canada cut their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company dropped their price target on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. JPMorgan Chase & Co. upgraded Olin from a “neutral” rating to an “overweight” rating and set a $55.00 target price on the stock in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Olin from $57.00 to $48.00 and set a “hold” rating on the stock in a research note on Monday, July 29th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.86.

Olin Stock Performance

Shares of OLN stock opened at $41.99 on Tuesday. The stock has a market cap of $4.90 billion, a PE ratio of 33.86, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. Olin Co. has a 52-week low of $39.47 and a 52-week high of $60.60. The business has a 50-day simple moving average of $44.52 and a 200-day simple moving average of $47.53. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.91%. Olin’s dividend payout ratio is presently 64.52%.

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.