Olin Corp. (OLN) Upgraded to Strong-Buy at Zacks Investment Research
According to Zacks, “Olin Corporation is a manufacturer concentrated in chemicals, metals and ammunition. The chemicals segment is divided into divisions: Chlor-Alkali, Chemicals and Microelectronic Materials. Chlor-alkali includes chlor-alkali products, sodium hydrosulfite and high strength bleach products. Chemicals includes pool chemicals, biocides, hydrazine, polyols, propylene glycols and surfactants and fluids. Microelectronic Materials includes image-forming and electronic interconnect materials and services. The metals and ammunition segment produces copper alloy sheet, strip, rod, wire, and ammunition. “
OLN has been the topic of several other reports. Longbow Research downgraded shares of Olin Corp. from a neutral rating to an underperform rating and set a $17.00 price objective on the stock. in a report on Wednesday, September 7th. Cowen and Company raised shares of Olin Corp. from a market perform rating to an outperform rating and raised their price target for the stock from $18.00 to $31.00 in a research note on Tuesday, June 28th. Royal Bank Of Canada decreased their price target on shares of Olin Corp. from $28.00 to $24.00 and set an outperform rating on the stock in a research note on Friday, July 22nd. RBC Capital Markets reissued a buy rating and issued a $24.00 price target (down from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Finally, Nomura reissued a buy rating on shares of Olin Corp. in a research note on Tuesday, July 12th. One analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $22.67.
Shares of Olin Corp. (NYSE:OLN) traded up 2.350% during trading on Wednesday, reaching $21.125. 649,198 shares of the company traded hands. The stock’s market capitalization is $3.49 billion. Olin Corp. has a 52 week low of $12.29 and a 52 week high of $26.46. The firm has a 50 day moving average of $20.26 and a 200 day moving average of $21.25.
Olin Corp. (NYSE:OLN) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by $0.07. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Olin Corp. had a negative net margin of 2.05% and a positive return on equity of 4.25%. The business’s revenue for the quarter was up 154.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 earnings per share. On average, equities analysts predict that Olin Corp. will post $1.27 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date was Monday, August 8th. Olin Corp.’s dividend payout ratio (DPR) is currently -150.94%.
In related news, EVP John L. Mcintosh sold 10,000 shares of Olin Corp. stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total value of $215,900.00. Following the completion of the transaction, the executive vice president now owns 60,391 shares in the company, valued at $1,303,841.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Foundry Partners LLC increased its position in shares of Olin Corp. by 10.5% in the third quarter. Foundry Partners LLC now owns 281,358 shares of the company’s stock worth $5,773,000 after buying an additional 26,797 shares in the last quarter. Eqis Capital Management Inc. purchased a new position in shares of Olin Corp. during the third quarter worth about $285,000. Macquarie Group Ltd. increased its position in shares of Olin Corp. by 2.0% in the second quarter. Macquarie Group Ltd. now owns 2,955,767 shares of the company’s stock worth $73,421,000 after buying an additional 58,157 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of Olin Corp. during the second quarter worth about $250,000. Finally, Mason Street Advisors LLC purchased a new position in shares of Olin Corp. during the second quarter worth about $1,871,000. Institutional investors own 92.85% of the company’s stock.
Olin Corp. Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrogen, bleach products and potassium hydroxide.
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