Olin Corporation (OLN) Downgraded to “Strong Sell” at Zacks Investment Research
Olin Corporation (NYSE:OLN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday.
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. “
Other equities research analysts have also issued research reports about the stock. BidaskClub raised shares of Olin Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $35.00 price objective on shares of Olin Corporation in a research note on Tuesday, June 20th. Cowen and Company reaffirmed an “outperform” rating and set a $39.00 price objective (up previously from $37.00) on shares of Olin Corporation in a report on Thursday, June 22nd. UBS AG reissued a “neutral” rating and issued a $30.00 target price (down from $33.00) on shares of Olin Corporation in a report on Sunday, June 25th. Finally, Citigroup Inc. began coverage on Olin Corporation in a research report on Wednesday, September 27th. They set a “buy” rating and a $39.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Olin Corporation has a consensus rating of “Hold” and a consensus target price of $36.44.
Olin Corporation (NYSE OLN) opened at 36.51 on Wednesday. The company has a market capitalization of $6.07 billion, a P/E ratio of 142.06 and a beta of 1.42. The stock has a 50 day moving average of $32.08 and a 200-day moving average of $31.10. Olin Corporation has a 52-week low of $19.62 and a 52-week high of $36.84.
Olin Corporation (NYSE:OLN) last issued its earnings results on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.15). Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, equities analysts forecast that Olin Corporation will post $1.07 earnings per share for the current year.
In other news, EVP John L. Mcintosh sold 16,070 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $31.02, for a total transaction of $498,491.40. Following the completion of the sale, the executive vice president now owns 60,391 shares in the company, valued at $1,873,328.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John L. Mcintosh sold 24,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total value of $756,960.00. Following the sale, the executive vice president now owns 84,391 shares of the company’s stock, valued at approximately $2,661,692.14. The disclosure for this sale can be found here. Insiders sold a total of 45,070 shares of company stock worth $1,407,151 over the last quarter. Corporate insiders own 2.90% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Olin Corporation by 7,604.7% in the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock valued at $653,967,000 after acquiring an additional 19,637,387 shares during the last quarter. King Street Capital Management L.P. acquired a new stake in Olin Corporation in the first quarter worth about $65,740,000. Iridian Asset Management LLC CT increased its position in Olin Corporation by 28.0% in the second quarter. Iridian Asset Management LLC CT now owns 7,098,169 shares of the specialty chemicals company’s stock worth $214,933,000 after purchasing an additional 1,553,430 shares during the period. Vanguard Group Inc. increased its position in Olin Corporation by 6.5% in the first quarter. Vanguard Group Inc. now owns 14,410,405 shares of the specialty chemicals company’s stock worth $473,671,000 after purchasing an additional 878,440 shares during the period. Finally, Morgan Stanley increased its position in Olin Corporation by 52.8% in the first quarter. Morgan Stanley now owns 1,912,057 shares of the specialty chemicals company’s stock worth $62,850,000 after purchasing an additional 660,806 shares during the period. 92.62% of the stock is currently owned by institutional investors and hedge funds.
About Olin Corporation
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, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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