Olin Corporation OLN

Chemical stocks are flashing some of the highest dividend yields in the sector right now, but the number your screener shows and the check you will actually receive are not the same thing, and the gap between them hides a story most investors have not noticed yet.

Recent trading has put fresh attention on Olin (OLN), with the share price around $17.01 and the stock declining over the past month and past 3 months. This has sharpened questions about how investors view its chemicals and ammunition operations. That recent slide fits into a tougher run for Olin, with the share price down over the past month and quarter and the year-to-date share price return declining 21.07% while the 1-year total shareholder return has fallen 29.37%. The longer record is...