Olin Co. (NYSE:OLN – Get Rating) shares gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $54.67, but opened at $52.39. Olin shares last traded at $53.45, with a volume of 670,209 shares traded.
The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.12). The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $2.05 billion. Olin had a net margin of 14.15% and a return on equity of 50.19%. Olin’s quarterly revenue was down 25.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.48 EPS.
Olin Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 13th. Stockholders of record on Monday, March 6th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.48%. Olin’s dividend payout ratio (DPR) is currently 9.04%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on OLN shares. Citigroup increased their price target on Olin from $58.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, February 3rd. The Goldman Sachs Group raised their target price on Olin from $65.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, January 31st. Credit Suisse Group raised their target price on Olin from $49.00 to $52.00 and gave the company an “underperform” rating in a report on Friday, January 27th. Morgan Stanley downgraded Olin from an “equal weight” rating to an “underweight” rating and set a $50.00 target price on the stock. in a report on Tuesday, January 10th. Finally, Piper Sandler raised their target price on Olin from $82.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, April 11th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Olin has a consensus rating of “Moderate Buy” and an average target price of $65.73.
Insider Activity at Olin
In related news, VP Damian Gumpel sold 13,000 shares of the firm’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $62.65, for a total transaction of $814,450.00. Following the completion of the transaction, the vice president now directly owns 17,155 shares of the company’s stock, valued at approximately $1,074,760.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Heidi S. Alderman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $64.01, for a total transaction of $128,020.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Damian Gumpel sold 13,000 shares of the firm’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $62.65, for a total value of $814,450.00. Following the transaction, the vice president now directly owns 17,155 shares of the company’s stock, valued at $1,074,760.75. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the business. Stratos Wealth Partners LTD. raised its position in shares of Olin by 4.8% in the 1st quarter. Stratos Wealth Partners LTD. now owns 4,369 shares of the specialty chemicals company’s stock worth $243,000 after acquiring an additional 202 shares in the last quarter. Euclidean Technologies Management LLC bought a new position in shares of Olin in the 1st quarter worth about $1,697,000. State of New Jersey Common Pension Fund D bought a new position in shares of Olin in the 1st quarter worth about $4,121,000. Deroy & Devereaux Private Investment Counsel Inc. raised its position in shares of Olin by 5.2% in the 1st quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 59,165 shares of the specialty chemicals company’s stock worth $3,284,000 after acquiring an additional 2,930 shares in the last quarter. Finally, Machina Capital S.A.S. bought a new position in shares of Olin in the 1st quarter worth about $72,000. 85.77% of the stock is owned by institutional investors.
Olin Stock Performance
The company has a 50-day moving average price of $55.90 and a two-hundred day moving average price of $55.64. The company has a current ratio of 1.38, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $7.07 billion, a P/E ratio of 6.18, a price-to-earnings-growth ratio of 1.29 and a beta of 1.45.
Olin Company Profile
Olin Corp. engages in manufacturing of chemicals products. It operates through the following segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.