Olin (NYSE:OLN) Reaches New 12-Month Low – Here’s Why

Shares of Olin Corporation (NYSE:OLN) hit a new 52-week low on Monday . The company traded as low as $16.67 and last traded at $16.81, with a volume of 3943625 shares changing hands. The stock had previously closed at $16.84.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on OLN shares. The Goldman Sachs Group lowered their price objective on shares of Olin from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. UBS Group reduced their target price on shares of Olin from $23.00 to $21.00 and set a “neutral” rating on the stock in a research note on Monday, August 3rd. Royal Bank Of Canada cut their price objective on Olin from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Monday, August 3rd. Bank of America cut shares of Olin from a “buy” rating to an “underperform” rating and decreased their price target for the company from $32.00 to $21.00 in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $20.00 target price (down from $25.00) on shares of Olin in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $21.77.

Olin Trading Down 1.1%

The company has a market cap of $1.90 billion, a price-to-earnings ratio of -13.51 and a beta of 1.20. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.87 and a current ratio of 1.42. The firm has a fifty day moving average price of $19.17 and a 200 day moving average price of $23.25.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.25). Olin had a negative net margin of 2.08% and a negative return on equity of 4.76%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the company posted ($0.01) EPS. The firm’s revenue was down .9% on a year-over-year basis. As a group, equities analysts predict that Olin Corporation will post -0.68 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Thursday, August 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.8%. Olin’s dividend payout ratio is -65.04%.

Hedge Funds Weigh In On Olin

A number of hedge funds have recently modified their holdings of the business. Tidal Investments LLC increased its position in shares of Olin by 16.7% during the second quarter. Tidal Investments LLC now owns 50,158 shares of the specialty chemicals company’s stock worth $994,000 after buying an additional 7,175 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Olin during the second quarter worth about $1,747,000. Engineers Gate Manager LP boosted its position in shares of Olin by 1,601.5% during the second quarter. Engineers Gate Manager LP now owns 210,478 shares of the specialty chemicals company’s stock valued at $4,172,000 after buying an additional 198,108 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Olin in the 2nd quarter worth $205,000. Finally, IFP Advisors Inc boosted its stake in shares of Olin by 118.9% in the 2nd quarter. IFP Advisors Inc now owns 3,163 shares of the specialty chemicals company’s stock worth $63,000 after buying an additional 1,718 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

About Olin

Olin Corporation is a global manufacturer of chemicals and ammunition headquartered in Clayton, Missouri. The company operates through two primary businesses: Chlor Alkali Products and Vinyls and Winchester.

Olin’s Chlor Alkali Products and Vinyls business produces essential chemicals including chlorine, caustic soda, hydrogen, hydrochloric acid, bleach products and related chlorinated compounds. These materials are used in water treatment, pulp and paper, construction, plastics, cleaning products and other industrial applications.