Investing

Sachem Head Cuts Stake in Olin (OLN) by 31.7%

Fintel reports that Sachem Head Capital Management LP has filed a 13D/A form with the SEC disclosing ownership of 6,465,160 shares of Olin Corporation (OLN). This represents 4.7% of the company.

In their previous filing dated November 10, 2022 they reported 9,465,160 shares and 6.90% of the company, a decrease in shares of 31.70% and a decrease in total ownership of 2.20% (calculated as current – previous percent ownership).

Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach and hydrochloric acid.

What are other large shareholders doing?

Hotchkis & Wiley Capital Management Llc holds 5,624,480 shares representing 4.11% ownership of the company. In it’s prior filing, the firm reported owning 4,251,850 shares, representing an increase of 24.40%. The firm increased its portfolio allocation in OLN by 32.36% over the last quarter.

State Street Corp holds 5,401,426 shares representing 3.94% ownership of the company. In it’s prior filing, the firm reported owning 5,479,030 shares, representing a decrease of 1.44%. The firm decreased its portfolio allocation in OLN by 3.58% over the last quarter.

Boston Partners holds 3,563,371 shares representing 2.60% ownership of the company. In it’s prior filing, the firm reported owning 3,910,392 shares, representing a decrease of 9.74%. The firm decreased its portfolio allocation in OLN by 12.49% over the last quarter.

Fuller & Thaler Asset Management, Inc. holds 3,285,797 shares representing 2.40% ownership of the company. In it’s prior filing, the firm reported owning 3,215,279 shares, representing an increase of 2.15%. The firm decreased its portfolio allocation in OLN by 0.98% over the last quarter.

What is the overall institutional sentiment?

There are 1003 funds or institutions reporting positions in Olin Corporation. This is a decrease of 34 owner(s) or 3.28%.

Average portfolio weight of all funds dedicated to Olin Corporation is 0.3399%, a decrease of 6.6656%. Total shares owned by institutions decreased in the last three months by 6.11% to 140,336,851 shares.

Based on this information, institutional sentiment is bearish.

This article originally appeared on Fintel

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