KeyCorp Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective reduced by equities research analysts at KeyCorp from $56.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. KeyCorp’s price target indicates a potential upside of 59.80% from the company’s previous close.

Several other research firms have also issued reports on OLN. BMO Capital Markets cut their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler reduced their price objective on shares of Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday. Barclays lowered their target price on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Royal Bank of Canada reduced their price target on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Finally, Citigroup dropped their target price on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Olin has a consensus rating of “Hold” and an average target price of $49.00.

Olin Stock Performance

OLN stock opened at $31.29 on Friday. The business has a 50-day moving average price of $38.59 and a 200 day moving average price of $42.75. Olin has a 1-year low of $31.13 and a 1-year high of $60.60. The company has a market capitalization of $3.65 billion, a P/E ratio of 25.23, a PEG ratio of 1.51 and a beta of 1.48. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

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

Insider Transactions at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Several large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC raised 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 acquiring an additional 276 shares in the last quarter. Covestor Ltd lifted its position in shares of Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after buying an additional 715 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Olin in the 3rd quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock valued at $75,000 after buying an additional 318 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Olin by 4,862.5% during the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock worth $76,000 after acquiring an additional 1,556 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

About Olin

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.