Cornercap Investment Counsel Inc. Sells 9,840 Shares of Olin Co. (NYSE:OLN)

Cornercap Investment Counsel Inc. trimmed its position in Olin Co. (NYSE:OLN) by 51.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,377 shares of the specialty chemicals company’s stock after selling 9,840 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Olin were worth $450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Harbor Capital Advisors Inc. raised its holdings in shares of Olin by 344.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 40,760 shares of the specialty chemicals company’s stock valued at $1,922,000 after purchasing an additional 31,587 shares during the period. SG Americas Securities LLC raised its holdings in shares of Olin by 1,220.6% in the 2nd quarter. SG Americas Securities LLC now owns 50,050 shares of the specialty chemicals company’s stock valued at $2,360,000 after purchasing an additional 46,260 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Olin by 4.8% in the 1st quarter. Clearbridge Investments LLC now owns 777,658 shares of the specialty chemicals company’s stock valued at $45,726,000 after purchasing an additional 35,637 shares during the period. LRI Investments LLC bought a new stake in shares of Olin in the 1st quarter valued at about $28,000. Finally, Seven Eight Capital LP raised its holdings in shares of Olin by 111.4% in the 1st quarter. Seven Eight Capital LP now owns 20,416 shares of the specialty chemicals company’s stock valued at $1,200,000 after purchasing an additional 10,760 shares during the period. 88.67% of the stock is owned by institutional investors.

Olin Price Performance

Olin stock opened at $41.39 on Friday. Olin Co. has a 52 week low of $39.47 and a 52 week high of $60.60. The company’s 50 day moving average price is $44.50 and its two-hundred day moving average price is $46.96. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The stock has a market cap of $4.83 billion, a P/E ratio of 33.38, a P/E/G ratio of 1.74 and a beta of 1.43.

Olin Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.93%. Olin’s dividend payout ratio is 64.52%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Barclays lowered their price target on shares of Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Royal Bank of Canada lowered their price target 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. Piper Sandler lowered their price target on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised shares of Olin from a “neutral” rating to an “overweight” rating and set a $55.00 price target on the stock in a report on Monday, July 29th. Finally, KeyCorp lowered their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Olin has an average rating of “Hold” and an average price target of $51.86.

Insider Activity at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is owned by company insiders.

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.