Olin (NYSE:OLN) Sets New 52-Week Low Following Analyst Downgrade

Olin Co. (NYSE:OLN)’s share price reached a new 52-week low during trading on Thursday after BMO Capital Markets lowered their price target on the stock from $44.00 to $34.00. BMO Capital Markets currently has a market perform rating on the stock. Olin traded as low as $26.48 and last traded at $26.67, with a volume of 2845790 shares. The stock had previously closed at $27.72.

Other equities analysts have also issued research reports about the company. Piper Sandler cut their price target on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Morgan Stanley cut their target price on Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday. 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. Royal Bank of Canada lowered Olin from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $45.00 to $30.00 in a research note on Tuesday. Finally, UBS Group cut their target price on Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $40.94.

Insider Activity at Olin

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of the stock in a transaction on Tuesday, February 4th. The shares were purchased at an average price of $28.06 per share, with a total value of $203,435.00. Following the transaction, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 276 shares during the period. Covestor Ltd boosted its stake in Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 715 shares during the period. Capital Performance Advisors LLP bought a new stake in Olin in the 3rd quarter valued at $47,000. Spire Wealth Management boosted its stake in Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after purchasing an additional 1,150 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock valued at $75,000 after purchasing an additional 318 shares during the period. 88.67% of the stock is currently owned by institutional investors.

Olin Price Performance

The firm has a market capitalization of $3.31 billion, a P/E ratio of 31.57, a P/E/G ratio of 0.69 and a beta of 1.45. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The company has a 50 day moving average of $34.60 and a 200-day moving average of $40.64.

Olin (NYSE:OLN) last announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. On average, sell-side analysts predict that Olin Co. will post 2.47 EPS for the current year.

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

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.