Morgan Stanley cut shares of Olin (NYSE:OLN) from an overweight rating to an equal weight rating in a research note issued to investors on Friday, BenzingaRatingsTable reports. They currently have $23.00 price target on the specialty chemicals company’s stock, down from their previous price target of $33.00.
Several other brokerages have also recently issued reports on OLN. Royal Bank of Canada lowered their target price on shares of Olin to $19.00 and set a sector perform rating on the stock in a research note on Wednesday, July 10th. Alembic Global Advisors set a $95.00 price target on Celanese and gave the stock a sell rating in a report on Monday, April 22nd. Cowen restated a buy rating and issued a $6.50 price objective on shares of Daseke in a report on Monday, May 6th. Nomura lowered shares of Infosys from a neutral rating to a reduce rating in a report on Monday, April 15th. Finally, ValuEngine lowered shares of Yext from a strong-buy rating to a buy rating in a report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $27.83.
Shares of OLN opened at $21.15 on Friday. Olin has a 52-week low of $17.87 and a 52-week high of $32.00. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.85 and a current ratio of 1.48. The business’s fifty day simple moving average is $21.51. The firm has a market cap of $3.49 billion, a PE ratio of 12.09, a PEG ratio of 0.72 and a beta of 1.54.
Olin (NYSE:OLN) last announced its earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.04). Olin had a return on equity of 11.12% and a net margin of 5.14%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the firm earned $0.12 EPS. The company’s revenue for the quarter was down 9.2% compared to the same quarter last year. On average, sell-side analysts predict that Olin will post 1.41 EPS for the current year.
In other Olin news, EVP John L. Mcintosh sold 10,500 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $21.74, for a total transaction of $228,270.00. Following the sale, the executive vice president now directly owns 100,812 shares in the company, valued at $2,191,652.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John L. Mcintosh sold 19,335 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $22.54, for a total transaction of $435,810.90. Following the sale, the executive vice president now owns 81,477 shares in the company, valued at $1,836,491.58. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Olin by 99.8% during the first quarter. FMR LLC now owns 24,733,170 shares of the specialty chemicals company’s stock valued at $572,325,000 after acquiring an additional 12,354,303 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Olin by 0.4% during the 1st quarter. BlackRock Inc. now owns 19,435,921 shares of the specialty chemicals company’s stock valued at $449,746,000 after buying an additional 80,752 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Olin by 18.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,338,344 shares of the specialty chemicals company’s stock valued at $107,351,000 after buying an additional 844,972 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Olin by 2.4% during the 4th quarter. Macquarie Group Ltd. now owns 4,037,707 shares of the specialty chemicals company’s stock valued at $81,198,000 after buying an additional 93,736 shares during the period. Finally, Norges Bank purchased a new stake in Olin during the 4th quarter worth approximately $39,321,000. Hedge funds and other institutional investors own 91.61% of the company’s stock.
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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