Olin Co. (NYSE:OLN) Short Interest Down 24.6% in June
Olin Co. (NYSE:OLN) was the target of a large decrease in short interest in June. As of June 30th, there was short interest totalling 7,332,400 shares, a decrease of 24.6% from the May 30th total of 9,728,900 shares. Approximately 4.5% of the company’s stock are short sold. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is presently 3.1 days.
OLN has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of Yext from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 10th. Nomura downgraded shares of Infosys from a “neutral” rating to a “reduce” rating in a research report on Monday, April 15th. Cowen reaffirmed a “buy” rating and issued a $6.50 price objective on shares of Daseke in a research report on Monday, May 6th. Alembic Global Advisors set a $95.00 price objective on shares of Celanese and gave the stock a “sell” rating in a research report on Monday, April 22nd. Finally, Royal Bank of Canada reduced their target price on shares of Olin to $19.00 and set a “sector perform” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $29.08.
Shares of Olin stock traded up $0.85 on Friday, reaching $21.51. 1,889,286 shares of the company traded hands, compared to its average volume of 2,100,032. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 0.72 and a beta of 1.54. The company has a quick ratio of 0.85, a current ratio of 1.48 and a debt-to-equity ratio of 1.08. The business has a 50 day moving average of $21.43. Olin has a 52 week low of $17.87 and a 52 week high of $32.00.
In other news, Director Scott Mcdougald Sutton acquired 7,000 shares of Olin stock in a transaction on Friday, May 3rd. The stock was acquired at an average cost of $21.02 per share, with a total value of $147,140.00. Following the transaction, the director now owns 22,000 shares of the company’s stock, valued at approximately $462,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John L. Mcintosh sold 19,335 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $22.54, for a total transaction of $435,810.90. Following the completion of the sale, the executive vice president now directly owns 81,477 shares of the company’s stock, valued at $1,836,491.58. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans lifted its stake in shares of Olin by 5.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 42,430 shares of the specialty chemicals company’s stock valued at $853,000 after buying an additional 2,090 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new stake in shares of Olin during the 4th quarter valued at approximately $20,040,000. Mackay Shields LLC lifted its stake in shares of Olin by 981.8% during the 4th quarter. Mackay Shields LLC now owns 98,881 shares of the specialty chemicals company’s stock valued at $1,989,000 after buying an additional 89,741 shares in the last quarter. Magnus Financial Group LLC purchased a new stake in shares of Olin during the 4th quarter valued at approximately $209,000. Finally, New York State Teachers Retirement System lifted its stake in shares of Olin by 8.0% during the 1st quarter. New York State Teachers Retirement System now owns 151,781 shares of the specialty chemicals company’s stock valued at $3,512,000 after buying an additional 11,300 shares in the last quarter. Institutional investors own 91.78% of the company’s stock.
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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