Olin (NYSE:OLN) Sets New 52-Week Low on Analyst Downgrade

Shares of Olin Co. (NYSE:OLN) hit a new 52-week low during trading on Monday after Citigroup lowered their price target on the stock from $48.00 to $45.00. Citigroup currently has a buy rating on the stock. Olin traded as low as $36.22 and last traded at $36.52, with a volume of 250549 shares trading hands. The stock had previously closed at $37.31.

A number of other research analysts have also issued reports on OLN. Royal Bank of Canada lowered their target price on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 29th. BMO Capital Markets lowered their price target on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler dropped their price objective on Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Wells Fargo & Company decreased their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Finally, KeyCorp lowered their target price on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and an average target price of $50.14.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s 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 owns 24,056 shares of the company’s stock, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its holdings in Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares in the last quarter. Scott & Selber Inc. raised its stake in shares of Olin by 1.7% in the second quarter. Scott & Selber Inc. now owns 19,206 shares of the specialty chemicals company’s stock valued at $906,000 after acquiring an additional 326 shares during the last quarter. Entropy Technologies LP raised its stake in shares of Olin by 2.5% in the third quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock valued at $648,000 after acquiring an additional 332 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock worth $568,000 after acquiring an additional 350 shares in the last quarter. 88.67% of the stock is owned by institutional investors.

Olin Stock Performance

The stock has a 50-day moving average of $42.83 and a 200 day moving average of $44.82. The firm has a market capitalization of $4.14 billion, a P/E ratio of 28.60, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.26%. Olin’s dividend payout ratio (DPR) is 64.52%.

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

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.