Morgan Stanley Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price target reduced by equities researchers at Morgan Stanley from $31.00 to $28.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty chemicals company’s stock. Morgan Stanley’s target price indicates a potential upside of 5.01% from the stock’s previous close.

OLN has been the subject of several other reports. Piper Sandler reduced their price target on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. KeyCorp dropped their target price on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday. Citigroup cut their price target 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 lowered their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Finally, Truist Financial cut their target price on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.94.

Olin Stock Down 3.8 %

Shares of NYSE:OLN opened at $26.67 on Tuesday. The firm has a market capitalization of $3.11 billion, a P/E ratio of 29.63, a P/E/G ratio of 0.69 and a beta of 1.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The stock has a 50 day moving average price of $34.92 and a 200-day moving average price of $40.73. Olin has a 52-week low of $26.48 and a 52-week high of $60.60.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. As a group, equities research analysts anticipate that Olin will post 2.47 EPS for the current fiscal year.

Olin announced that its board has initiated a stock buyback plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated 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 owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Olin

Several institutional investors have recently bought and sold shares of the stock. Sei Investments Co. lifted its position in Olin by 5.6% in the second quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock worth $573,000 after buying an additional 640 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Olin in the 2nd quarter worth $2,486,000. CWM LLC lifted its stake in Olin by 18.0% in the third quarter. CWM LLC now owns 8,668 shares of the specialty chemicals company’s stock worth $416,000 after acquiring an additional 1,324 shares during the period. UMB Bank n.a. increased its position in Olin by 4,862.5% during the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 1,556 shares during the period. Finally, Merrion Investment Management Co LLC bought a new stake in shares of Olin in the 3rd quarter valued at about $579,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.