Olin (NYSE:OLN) Price Target Lowered to $50.00 at KeyCorp

Olin (NYSE:OLN) had its price target decreased by KeyCorp from $56.00 to $50.00 in a report issued on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the specialty chemicals company’s stock.

OLN has been the subject of several other research reports. Wells Fargo & Company reduced their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. BMO Capital Markets dropped their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Royal Bank of Canada reduced their target price on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Citigroup dropped their price target on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. Finally, Barclays reduced their price objective on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $49.00.

Olin Trading Down 2.4 %

OLN opened at $31.02 on Friday. 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 has a one year low of $30.95 and a one year high of $60.60. The company has a market cap of $3.62 billion, a P/E ratio of 25.02, a PEG ratio of 1.51 and a beta of 1.48. The business’s 50-day simple moving average is $38.39 and its 200-day simple moving average is $42.55.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were issued 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 2.58%. Olin’s dividend payout ratio is currently 64.52%.

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

Insider Transactions at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the firm’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 completion of the sale, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Olin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its position in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 276 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Olin by 26.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after acquiring an additional 318 shares in the last quarter. Entropy Technologies LP grew its holdings in shares of Olin by 2.5% in the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock worth $648,000 after acquiring an additional 332 shares during the period. Nisa Investment Advisors LLC increased its stake in Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 350 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in Olin by 14.4% during the third quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock worth $240,000 after purchasing an additional 630 shares during the last quarter. Institutional investors and hedge funds 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.