Olin (NYSE:OLN) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Shares of Olin Corporation (NYSE:OLN) crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $16.52 and traded as low as $16.14. Olin shares last traded at $16.4250, with a volume of 3,336,537 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on OLN. Barclays initiated coverage on shares of Olin in a research note on Monday, October 12th. They set an “equal weight” rating and a $18.00 price target for the company. Wells Fargo & Company decreased their target price on shares of Olin from $20.00 to $16.00 and set an “equal weight” rating for the company in a research report on Thursday, October 1st. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Olin from $30.00 to $20.00 and set a “hold” rating for the company in a research report on Tuesday, August 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of Olin in a research note on Wednesday, August 19th. Finally, Citigroup cut their price target on shares of Olin from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 30th. One research analyst has rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Olin currently has an average rating of “Reduce” and a consensus target price of $20.07.

Olin Trading Down 0.8%

The company has a market cap of $1.87 billion, a P/E ratio of -13.35 and a beta of 1.23. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 1.77. The business has a 50 day moving average price of $16.52 and a 200-day moving average price of $22.34.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.25). Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Analysts forecast that Olin Corporation will post -0.80 earnings per share for the current fiscal year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Thursday, August 27th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 4.9%. Olin’s payout ratio is presently -65.04%.

Institutional Trading of Olin

Several institutional investors have recently added to or reduced their stakes in OLN. Bank of New York Mellon Corp bought a new position in Olin during the second quarter valued at about $23,785,000. Dimensional Fund Advisors LP raised its position in Olin by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after acquiring an additional 1,031,498 shares during the period. Amundi raised its position in Olin by 337.2% in the first quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock worth $20,336,000 after acquiring an additional 527,586 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Olin in the first quarter worth about $14,770,000. Finally, Empowered Funds LLC boosted its stake in Olin by 1,946.0% in the first quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company’s stock valued at $12,950,000 after acquiring an additional 414,309 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors.

About Olin

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.