Zacks Investment Research Downgrades Olin Corp. (OLN) to Hold
Olin Corp. (NYSE:OLN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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 subject of a number of other research reports. Longbow Research cut shares of Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price target for the company. in a research note on Wednesday, September 7th. Cowen and Company upgraded shares of Olin Corp. from a “market perform” rating to an “outperform” rating and increased 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 for the company in a research note on Friday, July 22nd. RBC Capital Markets reiterated a “buy” rating and set a $24.00 price target (down previously from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Finally, Nomura reiterated 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, two have assigned a hold rating and six have given a buy rating to the company. Olin Corp. has an average rating of “Buy” and an average price target of $22.67.
Shares of Olin Corp. (NYSE:OLN) opened at 20.34 on Thursday. The stock has a 50 day moving average of $20.18 and a 200 day moving average of $21.36. The firm’s market cap is $3.36 billion. Olin Corp. has a 12 month low of $12.29 and a 12 month high of $26.46.
Olin Corp. (NYSE:OLN) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.07. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.47 billion. Olin Corp. had a positive return on equity of 4.25% and a negative net margin of 2.05%. The firm’s revenue for the quarter was up 154.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. On average, equities research analysts expect that Olin Corp. will post $1.27 EPS for the current fiscal year.
In other news, EVP John L. Mcintosh sold 10,000 shares of the stock in a transaction dated 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 approximately $1,303,841.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Creative Planning increased its position in shares of Olin Corp. by 22.1% in the third quarter. Creative Planning now owns 6,084 shares of the company’s stock worth $125,000 after buying an additional 1,103 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Olin Corp. during the second quarter worth about $178,000. Scout Investments Inc. bought a new position in shares of Olin Corp. during the second quarter worth about $212,000. Quadrature Capital Ltd bought a new position in shares of Olin Corp. during the second quarter worth about $227,000. Finally, LS Investment Advisors LLC increased its position in shares of Olin Corp. by 8.9% in the second quarter. LS Investment Advisors LLC now owns 9,915 shares of the company’s stock worth $246,000 after buying an additional 813 shares in the last quarter. Institutional investors and hedge funds 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.
Receive News & Stock Ratings for Olin Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Olin Corp. and related stocks with our FREE daily email newsletter.