Olin (NYSE:OLN) Hits New 52-Week Low – Here’s What Happened

Olin Co. (NYSE:OLN)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $33.22 and last traded at $33.27, with a volume of 163481 shares traded. The stock had previously closed at $33.45.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. KeyCorp reduced their price objective on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Wells Fargo & Company reduced their price target 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. Citigroup dropped their price objective on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. BMO Capital Markets reduced their target price on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. Finally, Barclays decreased their target price 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. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Olin currently has a consensus rating of “Hold” and a consensus price target of $50.14.

Olin Stock Performance

The company has a market cap of $3.90 billion, a PE ratio of 26.96, a PEG ratio of 1.51 and a beta of 1.43. The company has a 50-day moving average of $41.52 and a 200-day moving average of $44.21. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.39%. Olin’s payout ratio is 64.52%.

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

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. boosted its holdings in shares of Olin by 19.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after buying an additional 172,768 shares during the last quarter. Synovus Financial Corp purchased a new position in Olin in the third quarter valued at about $253,000. Wilmington Savings Fund Society FSB purchased a new position in Olin in the third quarter valued at about $256,000. First Sabrepoint Capital Management LP bought a new position in shares of Olin during the 3rd quarter valued at approximately $5,278,000. Finally, Barclays PLC increased its stake 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 worth $6,042,000 after purchasing an additional 34,485 shares during the last quarter. Institutional investors 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.