Olin declares a quarterly dividend
On October 25, Olin (OLN) announced its 368th consecutive quarterly dividend. To benefit from this dividend, investors must hold Olin common stock at the close of trading on November 9. Olin is expected to pay the dividend on December 10.
Olin declared a quarterly dividend of $0.20 per share, representing no change in its quarterly dividend over the previous year. At the end of the second quarter, Olin had 168.8 million outstanding shares. Assuming Olin doesn’t buy back any shares, it will be paying $33.8 million in dividends. Olin is set to announce its third-quarter earnings results on October 30.
Olin’s stock price movement
The weakness in the US stock market saw Olin stock fall 10% and close at $20.15 in the week ended October 26. The fall in the stock’s price meant that it was trading 28.6% below its 100-day moving average price of $28.2. On a year-to-date basis, Olin has fallen 43.4%. Olin’s peers LyondellBasell (LYB), Westlake Chemical (WLK), and Eastman Chemical (EMN) have fallen 19.1%, 33.3%, and 15.6%, respectively.
OLN’s RSI of 18 indicates that the stock has moved into the oversold position. Investors should be watchful, as the stock could bounce back from these levels. An RSI (relative strength index) of 70 and above indicates that a stock is overbought, while an RSI of 30 and below indicates that the stock is oversold. Analysts’ 12-month target price for OLN is $35.15, a potential upside of 74.4% from its closing price on October 25.
Investors can indirectly hold OLN by investing in the First Trust Materials AlphaDEX ETF (FXZ), which invests 3.1% of its portfolio in OLN as of October 26.