Olin (NYSE:OLN) Price Target Cut to $28.00 by Analysts at Morgan Stanley

Olin (NYSE:OLN) had its target price reduced by Morgan Stanley from $31.00 to $28.00 in a report released on Tuesday,Benzinga reports. They currently have an underweight rating on the specialty chemicals company’s stock.

Several other research firms also recently weighed in on OLN. Truist Financial dropped their price target on Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research report on Monday. 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 research note on Monday. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. UBS Group cut their price objective on shares of Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, January 31st. Finally, Royal Bank of Canada lowered shares of Olin from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $45.00 to $30.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $41.75.

Olin Trading Up 0.0 %

Shares of OLN stock opened at $27.76 on Tuesday. Olin has a fifty-two week low of $27.15 and a fifty-two week high of $60.60. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $34.92 and a 200-day simple moving average of $40.73. The stock has a market cap of $3.24 billion, a P/E ratio of 30.84, a P/E/G ratio of 0.69 and a beta of 1.45.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) 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%. On average, analysts forecast that Olin will post 2.47 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has initiated a share buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value 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 $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Olin

Several large investors have recently added to or reduced their stakes in OLN. Sei Investments Co. boosted its position in shares of Olin by 5.6% in the second quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock worth $573,000 after buying an additional 640 shares during the period. Sanctuary Advisors LLC purchased a new position in Olin in the 2nd quarter worth approximately $2,486,000. CWM LLC raised its stake in shares of Olin by 18.0% during the third quarter. CWM LLC now owns 8,668 shares of the specialty chemicals company’s stock valued at $416,000 after purchasing an additional 1,324 shares during the period. UMB Bank n.a. raised its stake in shares of Olin by 4,862.5% during the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 1,556 shares during the period. Finally, Merrion Investment Management Co LLC acquired a new position in shares of Olin during the third quarter worth $579,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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.