BMO Capital Markets Cuts Olin (NYSE:OLN) Price Target to $34.00

Olin (NYSE:OLN) had its price objective reduced by BMO Capital Markets from $44.00 to $34.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a market perform rating on the specialty chemicals company’s stock.

A number of other research firms also recently commented on OLN. Bank of America upgraded Olin from a “neutral” rating to a “buy” rating and reduced their target price for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. Truist Financial decreased their target price on shares of Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research report on Monday, February 3rd. Morgan Stanley lowered their target price on shares of Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Tuesday. KeyCorp reduced their price target on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Barclays lowered their price objective on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Olin presently has an average rating of “Hold” and an average target price of $40.94.

Olin Price Performance

Olin stock opened at $28.23 on Wednesday. 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 price of $34.32 and a 200 day moving average price of $40.55. Olin has a 12-month low of $26.48 and a 12-month high of $60.60. The stock has a market cap of $3.29 billion, a P/E ratio of 31.37, a PEG ratio of 0.69 and a beta of 1.45.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) 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%. Sell-side analysts anticipate that Olin will post 2.47 earnings per share for the current year.

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

Insider Buying and Selling at Olin

In other news, CEO Kenneth Todd Lane acquired 7,250 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were bought at an average cost of $28.06 per share, with a total value of $203,435.00. Following the transaction, the chief executive officer now owns 7,250 shares in the company, valued at approximately $203,435. This trade represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Olin

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its stake in Olin by 5.6% in the second quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock valued at $573,000 after buying an additional 640 shares in the last quarter. CWM LLC increased its holdings in shares of Olin by 18.0% in the 3rd quarter. CWM LLC now owns 8,668 shares of the specialty chemicals company’s stock valued at $416,000 after acquiring an additional 1,324 shares during the last quarter. UMB Bank n.a. raised its position in shares of 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 worth $76,000 after acquiring an additional 1,556 shares in the last quarter. Merrion Investment Management Co LLC purchased a new stake in Olin during the third quarter worth approximately $579,000. Finally, Wedge Capital Management L L P NC boosted its holdings in Olin by 36.6% in the third quarter. Wedge Capital Management L L P NC now owns 50,613 shares of the specialty chemicals company’s stock valued at $2,428,000 after purchasing an additional 13,557 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

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.