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

Piper Sandler downgraded shares of Olin (NYSE:OLN) from an overweight rating to a neutral rating in a research note released on Thursday morning, MarketBeat reports. Piper Sandler currently has $33.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $41.00.

A number of other brokerages have also issued reports on OLN. Barclays cut their target price on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company cut their price objective on Olin from $40.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. KeyCorp decreased their target price on Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Truist Financial dropped their price target on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research report on Monday, February 3rd. Finally, Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and decreased their price objective for the stock 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, Olin presently has a consensus rating of “Hold” and an average target price of $40.44.

Olin Price Performance

Shares of NYSE OLN opened at $27.72 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. Olin has a fifty-two week low of $26.48 and a fifty-two week high of $60.60. The business has a 50 day moving average price of $32.64 and a two-hundred day moving average price of $39.73. The firm has a market cap of $3.23 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45.

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

Olin announced that its board has authorized a share buyback plan on Thursday, December 12th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Olin news, CEO Kenneth Todd Lane bought 7,250 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were purchased at an average price of $28.06 per share, with a total value of $203,435.00. Following the purchase, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at approximately $203,435. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Olin

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its position in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after purchasing an additional 318 shares in the last quarter. Entropy Technologies LP lifted its position in Olin by 2.5% in the third quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock worth $648,000 after purchasing an additional 332 shares during the period. Nisa Investment Advisors LLC boosted its stake in Olin by 3.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 350 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock valued at $45,000 after purchasing an additional 419 shares during the period. 88.67% of the stock is currently owned by 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.