Olin (NYSE:OLN) Hits New 1-Year Low on Analyst Downgrade

Olin Co. (NYSE:OLN)’s share price hit a new 52-week low during trading on Monday after Citigroup lowered their price target on the stock from $48.00 to $45.00. Citigroup currently has a buy rating on the stock. Olin traded as low as $36.22 and last traded at $36.52, with a volume of 250549 shares trading hands. The stock had previously closed at $37.31.

Other equities research analysts have also issued research reports about the company. KeyCorp dropped their price target on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Piper Sandler dropped their target price on Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Barclays reduced their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Royal Bank of Canada lowered their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Finally, Wells Fargo & Company reduced their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $50.14.

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC grew its holdings in Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Olin during the second quarter worth $33,000. Covestor Ltd boosted its position in shares of Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP bought a new position in Olin during the third quarter worth about $47,000. Finally, Denver PWM LLC bought a new position in Olin during the second quarter worth about $59,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Stock Up 0.4 %

The stock’s fifty day simple moving average is $42.83 and its 200-day simple moving average is $44.82. The stock has a market cap of $4.14 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.51 and a beta of 1.43. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Thursday, November 14th. Olin’s dividend payout ratio is currently 64.52%.

Olin declared that its Board of Directors has authorized a stock buyback plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Olin Company Profile

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.