State of Alaska Department of Revenue Purchases 14,640 Shares of Olin Co. (NYSE:OLN)

State of Alaska Department of Revenue boosted its position in Olin Co. (NYSE:OLN) by 18.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 92,295 shares of the specialty chemicals company’s stock after purchasing an additional 14,640 shares during the period. State of Alaska Department of Revenue owned about 0.08% of Olin worth $3,119,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the period. Covestor Ltd boosted its stake in Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 715 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Olin during the 3rd quarter valued at approximately $47,000. Spire Wealth Management increased its stake in shares of Olin by 246.8% during the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 valued at $75,000 after purchasing an additional 318 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Stock Performance

NYSE OLN opened at $28.23 on Monday. The company has a market capitalization of $3.29 billion, a P/E ratio of 31.37, a P/E/G ratio of 0.91 and a beta of 1.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. Olin Co. has a 52-week low of $26.48 and a 52-week high of $60.60. The company has a fifty day moving average of $34.03 and a 200-day moving average of $40.36.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, equities research analysts predict that Olin Co. will post 1.83 EPS for the current fiscal year.

Olin declared that its board has initiated a stock repurchase program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

OLN has been the topic of a number of recent research reports. Citigroup dropped their price target on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Barclays cut their target price on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. BMO Capital Markets lowered their price target on shares of Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 5th. Wells Fargo & Company cut their price objective on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, Morgan Stanley dropped their target price on Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $40.94.

Insiders Place Their Bets

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of Olin stock in a transaction dated Tuesday, February 4th. The shares were purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the purchase, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.