Piper Sandler Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its target price lowered by equities researchers at Piper Sandler from $51.00 to $41.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s price target points to a potential upside of 28.93% from the company’s current price.

OLN has been the topic of a number of other reports. KeyCorp cut their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company reduced their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada lowered their price target on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. BMO Capital Markets dropped their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Finally, Barclays lowered their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $49.43.

Olin Price Performance

OLN opened at $31.80 on Tuesday. The business has a fifty day moving average of $38.96 and a 200 day moving average of $42.90. The stock has a market cap of $3.71 billion, a P/E ratio of 25.65, a PEG ratio of 1.51 and a beta of 1.48. 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 has a 52-week low of $31.13 and a 52-week high of $60.60.

Olin announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the sale, the vice president now 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Hedge funds and other institutional investors have recently modified their holdings of the stock. Segall Bryant & Hamill LLC purchased a new stake in Olin during the 3rd quarter worth approximately $916,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Olin by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock valued at $62,168,000 after buying an additional 37,043 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Olin during the second quarter valued at $2,350,000. Canada Pension Plan Investment Board increased its position in shares of Olin by 846.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 14,200 shares of the specialty chemicals company’s stock valued at $670,000 after acquiring an additional 12,700 shares during the period. Finally, Barclays PLC raised its stake in Olin by 37.7% in the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock worth $6,042,000 after acquiring an additional 34,485 shares during the last quarter. 88.67% of the stock is 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.