Spire Wealth Management Grows Stake in Olin Co. (NYSE:OLN)

Spire Wealth Management increased its position in shares of Olin Co. (NYSE:OLN) by 246.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,616 shares of the specialty chemicals company’s stock after buying an additional 1,150 shares during the quarter. Spire Wealth Management’s holdings in Olin were worth $55,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in OLN. Pzena Investment Management LLC increased its stake in Olin by 24.8% in the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of Olin by 6.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock valued at $424,095,000 after purchasing an additional 531,330 shares during the period. Verition Fund Management LLC grew its position in shares of Olin by 70.9% in the third quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company’s stock valued at $26,140,000 after purchasing an additional 225,930 shares during the period. Franklin Resources Inc. boosted its holdings in Olin by 19.2% in the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock valued at $51,015,000 after acquiring an additional 172,768 shares during the last quarter. Finally, Holocene Advisors LP boosted its holdings in Olin by 504.9% in the third quarter. Holocene Advisors LP now owns 167,186 shares of the specialty chemicals company’s stock valued at $8,022,000 after acquiring an additional 139,549 shares during the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Olin

In other Olin news, CEO Kenneth Todd Lane purchased 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The shares were bought at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the transaction, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

OLN has been the topic of a number of research analyst reports. Royal Bank of Canada cut Olin from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $30.00 in a report on Tuesday, February 4th. Morgan Stanley lowered their price objective on Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. BMO Capital Markets reduced their price objective on Olin from $44.00 to $34.00 and set a “market perform” rating for the company in a research report on Wednesday, February 5th. Citigroup cut their target price on Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Finally, KeyCorp cut their target price on Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $40.94.

Olin Price Performance

Shares of NYSE:OLN opened at $28.23 on Monday. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. Olin Co. has a 1 year low of $26.48 and a 1 year high of $60.60. The business has a fifty day simple moving average of $34.03 and a 200 day simple moving average of $40.36. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 31.37, a P/E/G ratio of 0.91 and a beta of 1.45.

Olin (NYSE:OLN) last posted its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating the consensus estimate 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, sell-side analysts predict that Olin Co. will post 1.83 earnings per share for the current fiscal year.

Olin announced that its board has authorized a share repurchase program on Thursday, December 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.