Olin (NYSE:OLN) Sets New 52-Week High After Analyst Upgrade

Olin Corporation (NYSE:OLN) shares hit a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $24.00 to $26.00. Mizuho currently has a neutral rating on the stock. Olin traded as high as $29.95 and last traded at $28.8770, with a volume of 3169899 shares. The stock had previously closed at $29.01.

Other research analysts have also issued reports about the company. KeyCorp lowered their price target on Olin from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. UBS Group set a $21.00 price objective on shares of Olin in a report on Monday, February 2nd. Zacks Research lowered shares of Olin from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 29th. Morgan Stanley lowered their target price on shares of Olin from $20.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, February 2nd. Finally, BMO Capital Markets dropped their price target on shares of Olin from $25.00 to $24.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.87.

Insider Transactions at Olin

In related news, CFO Todd A. Slater sold 92,250 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the completion of the transaction, the chief financial officer owned 44,291 shares of the company’s stock, valued at $995,661.68. This trade represents a 67.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Angela M. Castle sold 2,379 shares of Olin stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $24.25, for a total value of $57,690.75. Following the transaction, the vice president directly owned 1,528 shares in the company, valued at approximately $37,054. The trade was a 60.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 99,379 shares of company stock valued at $2,238,298. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Several large investors have recently made changes to their positions in the business. Strategic Advocates LLC acquired a new stake in Olin during the third quarter valued at approximately $25,000. Rockefeller Capital Management L.P. grew its position in Olin by 115.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 659 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Olin in the first quarter valued at $32,000. Bessemer Group Inc. increased its holdings in shares of Olin by 712.7% in the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock valued at $34,000 after buying an additional 1,176 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Olin by 114.0% during the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after acquiring an additional 927 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.

Olin Trading Down 1.6%

The firm has a market capitalization of $3.33 billion, a P/E ratio of -76.99 and a beta of 1.37. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.73 and a current ratio of 1.21. The firm has a 50 day moving average price of $24.97 and a two-hundred day moving average price of $23.10.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.58). Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the firm earned $0.09 earnings per share. Olin’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities research analysts expect that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, March 3rd. Olin’s payout ratio is presently -210.53%.

About Olin

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.