Citigroup Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective reduced by research analysts at Citigroup from $34.00 to $30.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s target price would suggest a potential upside of 20.48% from the company’s current price.

A number of other research firms have also recently weighed in on OLN. JPMorgan Chase & Co. cut Olin from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $50.00 to $28.00 in a research report on Thursday, February 27th. Truist Financial reduced their price objective on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research note on Monday, February 3rd. Morgan Stanley lowered their target price on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. Barclays reiterated an “equal weight” rating on shares of Olin in a research note on Monday, February 3rd. Finally, Piper Sandler downgraded Olin from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $41.00 to $33.00 in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $37.44.

Olin Trading Up 0.6 %

Shares of NYSE OLN traded up $0.14 during midday trading on Thursday, hitting $24.90. 434,979 shares of the company traded hands, compared to its average volume of 1,404,107. Olin has a 12-month low of $22.98 and a 12-month high of $60.60. The firm has a market cap of $2.87 billion, a P/E ratio of 27.64 and a beta of 1.61. The stock has a 50-day moving average price of $27.68 and a 200 day moving average price of $36.35. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating 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%. As a group, analysts expect that Olin will post 1.38 earnings per share for the current year.

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

Insider Buying and Selling

In other Olin news, CEO Kenneth Todd Lane bought 7,250 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was acquired at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the purchase, the chief executive officer now owns 7,250 shares of the company’s stock, valued at approximately $203,435. This 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 company insiders.

Institutional Trading of Olin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock worth $424,095,000 after acquiring an additional 531,330 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in Olin by 11.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 4,543,844 shares of the specialty chemicals company’s stock valued at $153,582,000 after purchasing an additional 467,680 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Olin by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,976,869 shares of the specialty chemicals company’s stock valued at $134,413,000 after purchasing an additional 178,145 shares during the last quarter. Pzena Investment Management LLC lifted its position in Olin by 7.4% during the fourth quarter. Pzena Investment Management LLC now owns 3,709,611 shares of the specialty chemicals company’s stock worth $125,385,000 after buying an additional 256,903 shares during the period. Finally, Millennium Management LLC boosted its stake in Olin by 9.1% in the 4th quarter. Millennium Management LLC now owns 3,201,233 shares of the specialty chemicals company’s stock worth $108,202,000 after buying an additional 265,745 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.