Wells Fargo & Company Lowers Olin (NYSE:OLN) Price Target to $19.00

Olin (NYSE:OLN) had its price objective lowered by analysts at Wells Fargo & Company from $25.00 to $19.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 3.28% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. cut Olin from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $50.00 to $28.00 in a report on Thursday, February 27th. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. UBS Group reduced their price objective on Olin from $34.00 to $21.00 and set a “neutral” rating on the stock in a research note on Monday. Barclays cut their price target on Olin from $34.00 to $28.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 1st. Finally, Royal Bank of Canada downgraded shares of Olin from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $45.00 to $30.00 in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Olin has a consensus rating of “Hold” and a consensus target price of $35.44.

Olin Price Performance

Olin stock opened at $19.65 on Wednesday. The stock has a market capitalization of $2.26 billion, a P/E ratio of 21.83 and a beta of 1.50. The company’s fifty day moving average price is $24.90 and its 200 day moving average price is $34.48. 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 1 year low of $17.66 and a 1 year high of $57.23.

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

Olin declared that its Board of Directors has authorized a share repurchase plan 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 purchase up to 45% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Kenneth Todd Lane bought 7,250 shares of Olin stock in a transaction dated Tuesday, February 4th. The shares were acquired 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 in the company, valued at approximately $203,435. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Olin

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in shares of Olin by 34.3% in the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock valued at $98,000 after purchasing an additional 738 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Olin by 55.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock worth $4,835,000 after acquiring an additional 51,051 shares in the last quarter. KBC Group NV raised its holdings in shares of Olin by 82.9% during the fourth quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company’s stock worth $185,000 after purchasing an additional 2,476 shares during the period. Mariner Investment Group LLC acquired a new position in shares of Olin in the 4th quarter valued at about $355,000. Finally, Barclays PLC grew its position in shares of Olin by 37.7% during the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after buying an additional 34,485 shares during the last quarter. 88.67% of the stock is currently 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.