Olin (NYSE:OLN) Price Target Cut to $34.00 by Analysts at BMO Capital Markets

Olin (NYSE:OLN) had its target price reduced by analysts at BMO Capital Markets from $44.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ price target indicates a potential upside of 19.65% from the company’s previous close.

OLN has been the topic of a number of other reports. Barclays lowered their price target on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday. Morgan Stanley dropped their target price on shares of Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and reduced their price target for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. Wells Fargo & Company lowered their price target on Olin from $40.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, UBS Group reduced their price objective on Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $40.94.

Olin Price Performance

Shares of OLN opened at $28.42 on Wednesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. Olin has a fifty-two week low of $26.48 and a fifty-two week high of $60.60. The firm has a 50-day simple moving average of $34.60 and a 200-day simple moving average of $40.64. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 31.57, a price-to-earnings-growth ratio of 0.69 and a beta of 1.45.

Olin (NYSE:OLN) last announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. On average, equities research analysts anticipate that Olin will post 2.47 earnings per share for the current year.

Olin declared that its board has initiated a stock buyback program 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 reacquire up to 45% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Olin news, CEO Kenneth Todd Lane purchased 7,250 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the transaction, the chief executive officer now owns 7,250 shares of the company’s stock, valued at approximately $203,435. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Olin

A number of hedge funds have recently modified their holdings of OLN. Farther Finance Advisors LLC raised its holdings in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares in the last quarter. Covestor Ltd raised its stake in shares of Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 715 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Olin in the 3rd quarter worth approximately $47,000. Spire Wealth Management lifted its holdings in Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in 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 purchasing an additional 318 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

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.