Wells Fargo & Company Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price target dropped by Wells Fargo & Company from $40.00 to $31.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 10.09% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Barclays reduced their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. BMO Capital Markets decreased their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. KeyCorp cut their target price on shares of Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Monday. UBS Group decreased their price target on shares of Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $44.00.

Olin Price Performance

OLN traded down $1.13 on Monday, hitting $28.16. 688,411 shares of the company’s stock traded hands, compared to its average volume of 1,518,619. Olin has a one year low of $27.15 and a one year high of $60.60. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 31.27, a P/E/G ratio of 0.69 and a beta of 1.45. The company’s 50 day simple moving average is $35.52 and its 200-day simple moving average is $41.03.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. As a group, research analysts anticipate that Olin will post 2.47 EPS for the current year.

Olin declared that its Board of Directors has approved a stock buyback plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC grew its position in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Olin by 26.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after acquiring an additional 318 shares in the last quarter. Entropy Technologies LP increased its position in Olin by 2.5% during the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock valued at $648,000 after purchasing an additional 332 shares during the period. Nisa Investment Advisors LLC increased its position in Olin by 3.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 350 shares during the period. Finally, Wilmington Savings Fund Society FSB raised its holdings in shares of Olin by 9.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock valued at $197,000 after purchasing an additional 500 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

Olin Company Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.