Olin (NYSE:OLN) Downgraded to Neutral Rating by Piper Sandler

Piper Sandler cut shares of Olin (NYSE:OLN) from an overweight rating to a neutral rating in a report published on Thursday, Marketbeat Ratings reports. They currently have $33.00 target price on the specialty chemicals company’s stock, down from their prior target price of $41.00.

Several other research analysts have also weighed in on the company. Royal Bank of Canada lowered Olin from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $30.00 in a research report on Tuesday, February 4th. Wells Fargo & Company dropped their target price on Olin from $40.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. BMO Capital Markets dropped their target price on Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 5th. KeyCorp lowered their price objective on Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, Bank of America raised Olin from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $40.44.

Olin Stock Down 0.2 %

NYSE:OLN opened at $27.92 on Thursday. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. Olin has a 1-year low of $26.48 and a 1-year high of $60.60. The business’s fifty day moving average price is $33.17 and its 200 day moving average price is $39.97. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 0.91 and a beta of 1.45.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. On average, sell-side analysts forecast that Olin will post 1.83 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has authorized a stock repurchase plan on Thursday, December 12th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Olin

In other Olin news, CEO Kenneth Todd Lane bought 7,250 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was purchased at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the purchase, the chief executive officer now directly owns 7,250 shares in the company, valued at $203,435. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Olin

Several hedge funds have recently added to or reduced their stakes in OLN. Farther Finance Advisors LLC boosted its stake in Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares during the period. Covestor Ltd lifted its position in shares of Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Olin in the 3rd quarter worth approximately $47,000. Spire Wealth Management lifted its position in shares of Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 1,150 shares during the period. Finally, CoreFirst Bank & Trust bought a new stake in shares of Olin in the 4th quarter worth approximately $66,000. Institutional investors own 88.67% of the company’s stock.

Olin Company 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.