Principal Financial Group Inc. Has $13.06 Million Position in Olin Co. (NYSE:OLN)

Principal Financial Group Inc. cut its stake in Olin Co. (NYSE:OLN) by 31.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 272,252 shares of the specialty chemicals company’s stock after selling 125,426 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Olin worth $13,063,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OLN. State Board of Administration of Florida Retirement System increased its stake in Olin by 3.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 148,429 shares of the specialty chemicals company’s stock valued at $8,238,000 after purchasing an additional 5,391 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Olin by 7.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,677 shares of the specialty chemicals company’s stock valued at $745,000 after buying an additional 906 shares during the period. Kingsview Wealth Management LLC bought a new stake in shares of Olin in the 1st quarter valued at $409,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Olin by 146.6% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 16,036 shares of the specialty chemicals company’s stock worth $957,000 after buying an additional 9,533 shares during the period. Finally, Seven Eight Capital LP lifted its holdings in Olin by 111.4% during the first quarter. Seven Eight Capital LP now owns 20,416 shares of the specialty chemicals company’s stock worth $1,200,000 after acquiring an additional 10,760 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OLN has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on Olin from $57.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 29th. BMO Capital Markets dropped their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Bank of America cut shares of Olin from a “buy” rating to a “neutral” rating and reduced their price target for the company from $62.00 to $51.00 in a report on Monday, July 29th. Mizuho initiated coverage on shares of Olin in a report on Thursday, August 8th. They set a “neutral” rating and a $45.00 price objective on the stock. Finally, Barclays cut their price objective on shares of Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Eight equities research 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 presently has a consensus rating of “Hold” and an average price target of $51.86.

Olin Price Performance

NYSE:OLN opened at $41.39 on Friday. The stock’s 50-day simple moving average is $44.50 and its 200 day simple moving average is $46.96. Olin Co. has a 52-week low of $39.47 and a 52-week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The company 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, November 14th. Olin’s dividend payout ratio is currently 64.52%.

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is currently owned by insiders.

Olin 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.