Commercial Bank reduced its stake in shares of Olin Co.NYSE: OLN – Get a rating) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,730 shares of the specialty chemicals company’s stock after selling 1,037 shares during the quarter. Commerce Bank’s holdings in Olin were worth $718,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Sageworth Trust Co of South Dakota acquired a new position in Olin during the 4th quarter valued at $25,000. Castle Financial & Retirement Planning Associates Inc. bought a new stake in Olin in the fourth quarter valued at approximately $31,000. TFO TDC LLC acquired a new stake in Olin during the first quarter valued at approximately $32,000. TCI Wealth Advisors Inc. grew its holdings in Olin by 169.2% during the first quarter. TCI Wealth Advisors Inc. now owns 603 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 379 shares in the last quarter. Finally, Quent Capital LLC bought a new position in shares of Olin in the 4th quarter worth about $40,000. Institutional investors own 81.79% of the company’s shares.
Olin Stock speech
OLN opened at $57.20 on Tuesday. The company has a current ratio of 1.44, a gearing ratio of 0.93, and a debt-to-equity ratio of 0.96. The 50 day moving average is $50.72 and the 200 day moving average is $53.73. The stock has a market cap of $8.30 billion, a PE ratio of 6.01, a price-to-earnings ratio of 1.84 and a beta of 1.34. Olin Co. has a twelve month low of $43.02 and a twelve month high of $67.25.
Olin announces dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th will be paid a dividend of $0.20 per share. That’s $0.80 in annualized dividends and a yield of 1.40%. The ex-dividend date is Tuesday, August 9. Olin’s payout ratio is currently 8.41%.
A Wall Street analyst weighs in
Several research firms recently issued reports on OLN. Wells Fargo & Company cut their price objective on Olin from $78.00 to $69.00 and set an “overweight” rating on the stock in a research report on Monday, August 1st. Bank of America cut their price objective on shares of Olin from $81.00 to $72.00 and set a “buy” rating on the stock in a research report on Tuesday, June 14th. Piper Sandler reduced their price objective on shares of Olin from $80.00 to $73.00 and set an “overweight” rating for the company in a research report on Tuesday, August 2nd. Royal Bank of Canada cut their price objective on shares of Olin from $76.00 to $70.00 and set an “outperform” rating on the stock in a report on Monday, August 1st. Finally, Citigroup upped their target price on Olin to $57.00 in a research note on Tuesday, August 9th. Three investment analysts have rated the stock with a hold rating and nine have assigned a “buy” rating to the company. The stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.36, according to MarketBeat .
Insiders make bets
In other news, V.P Valeria Peters sold 5,500 shares of the firm’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $63.93, for a total transaction amounting to $351,615.00. Following the transaction, the vice president now directly owns 4,082 shares in the company, valued at $260,962.26. The sale was reported in a filing with the Securities and Exchange Commission, which is available through SEC website. In relevant news, V.P R. Nicole Sumner sold 9,518 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $64.83, for a total transaction amounting to $617,051.94. Following the sale, the vice president now owns 12,242 shares in the company, valued at $793,648.86. The sale was disclosed in a filing with the SEC, which is available via SEC website. Also, VP Valerie A. Peters sold 5,500 shares of the stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of US$63.93, for a total amount of US$351,615.00. Following the transaction, the vice president now directly owns 4,082 shares in the company, valued at $260,962.26. Disclosures for this sale can be found here here. Insiders sold 2,543,283 shares of company stock worth $155,249,108 in the last quarter. 9.00% of shares are owned by company insiders.
Olin Company Profile
Olin Corporation manufactures and distributes chemical products in the United States, Europe and abroad. It operates in three segments: Chlor-Alkali Products and Vinyls; epoxy resin; and Winchester. The Chloralkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchlorethylene, hydrochloric acid, hydrogen, bleaches, potassium hydroxide, chlorinated organic intermediates and solvents, and sodium hypochlorite.
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https://www.defenseworld.net/2022/08/16/olin-co-nyseoln-shares-sold-by-commerce-bank.html Shares of Olin Co. (NYSE: OLN) sold by a commercial bank