Citigroup Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective decreased by stock analysts at Citigroup from $34.00 to $30.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price objective would suggest a potential upside of 22.22% from the stock’s previous close.

A number of other research firms also recently commented on OLN. BMO Capital Markets reduced their price objective on shares of Olin from $44.00 to $34.00 and set a “market perform” rating for the company in a report on Wednesday, February 5th. KeyCorp dropped their target price on Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Royal Bank of Canada lowered Olin from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $45.00 to $30.00 in a research note on Tuesday, February 4th. Bank of America upgraded Olin from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. Finally, UBS Group set a $28.00 target price on shares of Olin in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $37.44.

Olin Trading Down 2.8 %

Shares of OLN opened at $24.55 on Thursday. The stock’s 50-day moving average price is $27.33 and its 200 day moving average price is $36.16. 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 firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 27.27 and a beta of 1.61. Olin has a 12-month low of $22.98 and a 12-month high of $60.60.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, research analysts predict that Olin will post 1.38 earnings per share for the current year.

Olin announced that its Board of Directors has approved a stock repurchase 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 generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Olin

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the purchase, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

Institutional Trading of Olin

Several institutional investors and hedge funds have recently bought and sold shares of OLN. Covestor Ltd raised its position in shares of Olin by 45.8% in the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock valued at $45,000 after purchasing an additional 419 shares during the period. Spire Wealth Management boosted its stake in shares of Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after buying an additional 1,150 shares during the period. CoreFirst Bank & Trust acquired a new stake in shares of Olin during the 4th quarter worth $66,000. Jones Financial Companies Lllp grew its stake in Olin by 59.9% during the fourth quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock worth $82,000 after buying an additional 911 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock valued at $98,000 after acquiring an additional 738 shares during the last quarter. 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.