Piper Sandler Cuts Olin (NYSE:OLN) Price Target to $41.00

Olin (NYSE:OLN) had its price objective decreased by Piper Sandler from $51.00 to $41.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the specialty chemicals company’s stock.

A number of other equities analysts also recently commented on OLN. BMO Capital Markets reduced their price objective 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. Wells Fargo & Company reduced their price objective on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada reduced their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Citigroup reduced their price objective on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Finally, KeyCorp reduced their price objective on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $49.43.

Olin Stock Performance

NYSE OLN opened at $31.80 on Tuesday. The company has a market cap of $3.71 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. The stock’s 50 day simple moving average is $38.59 and its 200-day simple moving average is $42.75. Olin has a 1-year low of $31.13 and a 1-year high of $60.60. 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 has approved a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.52%. Olin’s payout ratio is presently 64.52%.

Insider Buying and Selling

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 transaction of $459,375.00. Following the completion of the transaction, the vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Olin

A number of institutional investors have recently bought and sold shares of the business. First Hawaiian Bank lifted its holdings in Olin by 9.0% during the 4th quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company’s stock worth $732,000 after buying an additional 1,785 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after buying an additional 172,768 shares during the last quarter. Synovus Financial Corp purchased a new stake in Olin during the 3rd quarter worth about $253,000. Wilmington Savings Fund Society FSB purchased a new stake in Olin during the 3rd quarter worth about $256,000. Finally, First Sabrepoint Capital Management LP purchased a new stake in Olin during the 3rd quarter worth about $5,278,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.