Shares of Olin Co. (NYSE:OLN – Get Rating) gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $69.00 to $56.00. The stock had previously closed at $47.62, but opened at $45.51. Wells Fargo & Company currently has an overweight rating on the stock. Olin shares last traded at $46.81, with a volume of 3,142 shares changing hands.
Several other brokerages also recently commented on OLN. Barclays dropped their price target on Olin from $65.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Monday, July 11th. Piper Sandler dropped their target price on shares of Olin from $73.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 21st. Bank of America reduced their price target on shares of Olin from $69.00 to $62.00 in a report on Wednesday, September 21st. UBS Group dropped their price objective on shares of Olin from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, July 29th. Finally, KeyCorp cut their price objective on shares of Olin from $61.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $60.58.
Insider Activity
In other news, COO James A. Varilek sold 3,345 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $57.81, for a total transaction of $193,374.45. Following the completion of the sale, the chief operating officer now owns 17,761 shares of the company’s stock, valued at $1,026,763.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.00% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Olin
Institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP boosted its position in Olin by 1,350.2% during the fourth quarter. Marshall Wace LLP now owns 1,147,699 shares of the specialty chemicals company’s stock worth $66,015,000 after purchasing an additional 1,068,558 shares during the period. Thompson Siegel & Walmsley LLC grew its stake in Olin by 547.3% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,200,786 shares of the specialty chemicals company’s stock valued at $55,573,000 after buying an additional 1,015,265 shares during the last quarter. First Trust Advisors LP raised its holdings in Olin by 120.8% in the 1st quarter. First Trust Advisors LP now owns 1,390,662 shares of the specialty chemicals company’s stock valued at $72,704,000 after acquiring an additional 760,691 shares during the period. Renaissance Technologies LLC raised its holdings in Olin by 105.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,015,700 shares of the specialty chemicals company’s stock valued at $53,101,000 after acquiring an additional 521,300 shares during the period. Finally, Vanguard Group Inc. lifted its position in Olin by 3.2% during the first quarter. Vanguard Group Inc. now owns 15,867,281 shares of the specialty chemicals company’s stock worth $829,542,000 after acquiring an additional 493,052 shares during the last quarter. Institutional investors own 87.92% of the company’s stock.
Olin Trading Down 1.3 %
The business has a fifty day moving average price of $51.71 and a 200-day moving average price of $53.97. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 0.96. The company has a market cap of $6.82 billion, a P/E ratio of 5.01, a PEG ratio of 2.78 and a beta of 1.37.
Olin (NYSE:OLN – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The specialty chemicals company reported $2.76 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.19. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.52 billion. Olin had a net margin of 15.36% and a return on equity of 60.71%. On average, analysts forecast that Olin Co. will post 9.07 earnings per share for the current year.
Olin Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Tuesday, August 9th. Olin’s payout ratio is 8.41%.
About Olin
Olin Corporation manufactures and distributes chemical products in the United States, Europe, and internationally. 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, chlorinated organics intermediates and solvents, and sodium hypochlorite.