Truist Financial Lowers Olin (NYSE:OLN) Price Target to $32.00

Olin (NYSE:OLN) had its price target cut by equities research analysts at Truist Financial from $38.00 to $32.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “hold” rating on the specialty chemicals company’s stock. Truist Financial’s target price would indicate a potential upside of 15.29% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company decreased their price target on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday. Morgan Stanley decreased their target price on Olin from $41.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, January 13th. Citigroup dropped their price target on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. KeyCorp decreased their price objective on Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Monday. Finally, Barclays dropped their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $41.75.

Olin Price Performance

Shares of NYSE OLN opened at $27.76 on Monday. The company has a market capitalization of $3.24 billion, a PE ratio of 30.84, a PEG ratio of 0.69 and a beta of 1.45. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The stock’s 50 day moving average price is $34.92 and its 200-day moving average price is $40.73. Olin has a twelve month low of $27.15 and a twelve month high of $60.60.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. On average, equities analysts anticipate that Olin will post 2.47 EPS for the current year.

Olin announced that its board has initiated a stock buyback program on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Olin

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 sale, the vice president now owns 24,056 shares of the company’s stock, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Pzena Investment Management LLC increased its position in shares of Olin by 24.8% during the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock valued at $424,095,000 after acquiring an additional 531,330 shares during the last quarter. Verition Fund Management LLC raised its stake in shares of Olin by 70.9% during the third quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company’s stock worth $26,140,000 after acquiring an additional 225,930 shares in the last quarter. Franklin Resources Inc. lifted 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 acquiring an additional 172,768 shares during the last quarter. Finally, Holocene Advisors LP boosted its stake in shares of Olin by 504.9% in the 3rd quarter. Holocene Advisors LP now owns 167,186 shares of the specialty chemicals company’s stock valued at $8,022,000 after purchasing an additional 139,549 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.