Olin Target of Unusually High Options Trading (NYSE:OLN)
by Tristan Rich · The Markets DailyOlin Corporation (NYSE:OLN – Get Free Report) was the recipient of unusually large options trading on Friday. Traders bought 4,140 call options on the stock. This represents an increase of 50% compared to the average daily volume of 2,753 call options.
Olin Price Performance
Shares of NYSE OLN traded up $0.40 during mid-day trading on Friday, reaching $29.00. The company’s stock had a trading volume of 3,574,938 shares, compared to its average volume of 3,211,121. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 0.73. Olin has a 52 week low of $17.66 and a 52 week high of $29.19. The stock has a fifty day moving average of $24.61 and a two-hundred day moving average of $23.05. The firm has a market capitalization of $3.30 billion, a PE ratio of -76.32 and a beta of 1.56.
Olin (NYSE:OLN – Get Free Report) last issued its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.58). Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $0.09 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Olin will post 1.38 EPS for the current fiscal year.
Olin Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. Olin’s dividend payout ratio (DPR) is presently -210.53%.
Insider Transactions at Olin
In related news, CFO Todd A. Slater sold 92,250 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total value of $2,073,780.00. Following the transaction, the chief financial officer directly owned 44,291 shares of the company’s stock, valued at approximately $995,661.68. This trade represents a 67.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Angela M. Castle sold 2,379 shares of Olin stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the transaction, the vice president owned 1,528 shares in the company, valued at $37,054. This trade represents a 60.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 99,379 shares of company stock worth $2,238,298 in the last three months. Corporate insiders own 1.60% of the company’s stock.
Hedge Funds Weigh In On Olin
A number of hedge funds and other institutional investors have recently modified their holdings of OLN. Orbis Allan Gray Ltd increased its holdings in Olin by 448.9% in the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after acquiring an additional 3,111,393 shares during the last quarter. Ilex Capital Partners UK LLP bought a new position in shares of Olin during the 2nd quarter valued at about $50,476,000. Millennium Management LLC boosted its holdings in shares of Olin by 1,063.0% during the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock valued at $62,143,000 after purchasing an additional 2,272,877 shares during the last quarter. Norges Bank purchased a new position in shares of Olin during the second quarter valued at about $27,843,000. Finally, Semper Augustus Investments Group LLC increased its holdings in shares of Olin by 141.3% in the third quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after purchasing an additional 1,126,809 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.
Analysts Set New Price Targets
OLN has been the topic of a number of analyst reports. BMO Capital Markets lowered their price objective on Olin from $25.00 to $24.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $26.00 target price on shares of Olin in a report on Tuesday, February 10th. Morgan Stanley decreased their target price on shares of Olin from $20.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, February 2nd. Truist Financial lowered their price target on shares of Olin from $23.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, February 2nd. Finally, Citigroup upped their price target on shares of Olin from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Olin presently has a consensus rating of “Hold” and a consensus target price of $23.73.
Check Out Our Latest Stock Analysis on OLN
Olin Company Profile
Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.
In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.