Olin (NYSE:OLN) Price Target Lowered to $31.00 at Morgan Stanley

Olin (NYSE:OLN) had its price objective decreased by equities researchers at Morgan Stanley from $41.00 to $31.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty chemicals company’s stock. Morgan Stanley’s price objective points to a potential downside of 5.23% from the stock’s previous close.

A number of other research firms have also recently issued reports on OLN. BMO Capital Markets cut their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research report on Tuesday, October 29th. KeyCorp cut their price target on Olin from $56.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Piper Sandler decreased their price objective on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Wells Fargo & Company cut their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Finally, Citigroup decreased their price target on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Olin presently has an average rating of “Hold” and a consensus price target of $47.07.

Olin Trading Up 3.2 %

Shares of NYSE:OLN opened at $32.71 on Monday. Olin has a 52-week low of $30.69 and a 52-week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The company has a market capitalization of $3.81 billion, a P/E ratio of 26.38, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. The company has a 50-day simple moving average of $38.00 and a 200 day simple moving average of $42.34.

Olin declared that its Board of Directors has approved a share buyback program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were 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 owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Olin

Several institutional investors and hedge funds have recently added to or reduced their stakes in OLN. Assenagon Asset Management S.A. acquired a new position in shares of Olin during the 4th quarter worth $4,264,000. Wedmont Private Capital acquired a new position in Olin during the fourth quarter worth about $231,000. Harbor Capital Advisors Inc. lifted its holdings in shares of Olin by 55.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock worth $4,835,000 after acquiring an additional 51,051 shares during the last quarter. First Hawaiian Bank boosted its stake in shares of Olin by 9.0% in the 4th quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company’s stock valued at $732,000 after purchasing an additional 1,785 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock valued at $51,015,000 after purchasing an additional 172,768 shares during the last quarter. 88.67% of the stock is currently owned by 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.