Corsair Capital Management Lowers stake in Olin Corporation (OLN)

Olin Corporation (OLN) : Corsair Capital Management reduced its stake in Olin Corporation by 15.23% during the most recent quarter end. The investment management company now holds a total of 929,969 shares of Olin Corporation which is valued at $19,222,459 after selling 167,145 shares in Olin Corporation , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.Olin Corporation makes up approximately 2.86% of Corsair Capital Management’s portfolio.

Other Hedge Funds, Including , Waratah Capital Advisors Ltd. added OLN to its portfolio by purchasing 268,830 company shares during the most recent quarter which is valued at $5,602,417. Olin Corporation makes up approx 1.10% of Waratah Capital Advisors Ltd.’s portfolio.New York State Teachers Retirement System reduced its stake in OLN by selling 2,047 shares or 1.58% in the most recent quarter. The Hedge Fund company now holds 127,535 shares of OLN which is valued at $2,632,322. Olin Corporation makes up approx 0.01% of New York State Teachers Retirement System’s portfolio. Donald L. Hagan sold out all of its stake in OLN during the most recent quarter. The investment firm sold 600 shares of OLN which is valued $12,384.

Olin Corporation opened for trading at $20.1 and hit $20.86 on the upside on Monday, eventually ending the session at $20.71, with a gain of 3.29% or 0.66 points. The heightened volatility saw the trading volume jump to 22,99,699 shares. Company has a market cap of $3,421 M.

On the company’s financial health, Olin Corporation reported $0.20 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Nov 2, 2015. Analyst had a consensus of $0.31. The company had revenue of $533.60 million for the quarter, compared to analysts expectations of $573.06 million. The company’s revenue was down -10.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.33 EPS.

Many Wall Street Analysts have commented on Olin Corporation. Shares were Reiterated by Cowen on Jul 29, 2016 to “Outperform” and Lowered the Price Target to $ 29 from a previous price target of $31 .Shares were Reiterated by RBC Capital Mkts on Jul 22, 2016 to “Outperform” and Lowered the Price Target to $ 24 from a previous price target of $28 .Company shares were Upgraded by Cowen on Jun 28, 2016 to ” Outperform”, Firm has raised the Price Target to $ 31 from a previous price target of $18 .

Olin Corporation is a manufacturing company. The Company operates in three segments: Chlor Alkali Products Chemical Distribution and Winchester. Chlor Alkali Products manufactures and sells chlorine and caustic soda hydrochloric acid hydrogen bleach products and potassium hydroxide. Chemical Distribution manufactures bleach products and distributes caustic soda bleach products potassium hydroxide and hydrochloric acid. Winchester products segments include sporting ammunition reloading components small caliber military ammunition and components and industrial cartridges. The Company’s subsidiary Olin Canada ULC operates one chlor alkali facility in Becancour Canada which sells chlor alkali-related products within Canada and to the United States and also sells and distributes ammunition within Canada. Its subsidiary Winchester Australia Limited loads and packs sporting and industrial ammunition in Australia.

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