Olin (NYSE:OLN) Stock Price Up 9.1% – Here’s What Happened

Olin Corporation (NYSE:OLN) rose 9.1% during trading on Wednesday . The stock traded as high as $25.18 and last traded at $25.02. Approximately 1,226,060 shares were traded during trading, a decline of 64% from the average daily volume of 3,405,815 shares. The stock had previously closed at $22.93.

Wall Street Analysts Forecast Growth

OLN has been the subject of several recent analyst reports. Wells Fargo & Company lowered their target price on shares of Olin from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 29th. Truist Financial lowered their price objective on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Monday. Mizuho set a $22.00 target price on Olin in a research report on Friday, January 30th. UBS Group set a $21.00 price target on Olin in a research note on Monday. Finally, Bank of America boosted their price target on Olin from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $22.86.

Olin Price Performance

The stock has a fifty day moving average of $21.82 and a 200 day moving average of $22.08. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -66.84, a P/E/G ratio of 3.28 and a beta of 1.64. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.35 and a quick ratio of 0.81.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, hitting the consensus estimate of ($0.58). Olin had a negative net margin of 0.63% and a negative return on equity of 0.47%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the company earned $0.09 EPS. Olin’s quarterly revenue was down .4% on a year-over-year basis. On average, analysts expect that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a dividend of $0.20 per share. The ex-dividend date was Friday, November 28th. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. Olin’s payout ratio is currently -210.53%.

Insider Buying and Selling

In other Olin news, VP Teresa M. Vermillion sold 4,500 shares of Olin stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $20.86, for a total transaction of $93,870.00. Following the completion of the transaction, the vice president owned 17,199 shares in the company, valued at approximately $358,771.14. This trade represents a 20.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company’s stock.

Institutional Trading of Olin

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Olin by 20.2% in the 1st quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock worth $2,066,000 after purchasing an additional 14,344 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Olin during the 1st quarter valued at approximately $32,000. Jones Financial Companies Lllp lifted its stake in shares of Olin by 467.9% in the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock valued at $335,000 after purchasing an additional 11,374 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Olin by 57.6% during the first quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock worth $14,268,000 after buying an additional 215,235 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Olin by 6.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company’s stock valued at $7,696,000 after buying an additional 20,047 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

Olin Company Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.