Olin (NYSE:OLN) Shares Gap Down – Here’s What Happened

Olin Co. (NYSE:OLN) gapped down prior to trading on Friday . The stock had previously closed at $45.04, but opened at $41.96. Olin shares last traded at $41.76, with a volume of 931,775 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group dropped their target price on Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, July 29th. Royal Bank of Canada cut their price objective on shares of Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a report on Monday, July 29th. JPMorgan Chase & Co. upgraded shares of Olin from a “neutral” rating to an “overweight” rating and set a $55.00 price target for the company in a research report on Monday, July 29th. Piper Sandler reduced their price target on Olin from $75.00 to $57.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Finally, KeyCorp lowered their price objective on shares of Olin from $62.00 to $57.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Olin has an average rating of “Hold” and an average target price of $52.40.

Olin Price Performance

The company has a current ratio of 1.43, a quick ratio of 0.82 and a debt-to-equity ratio of 1.29. The firm has a fifty day moving average of $44.81 and a two-hundred day moving average of $48.33. The company has a market capitalization of $4.90 billion, a PE ratio of 18.46, a PEG ratio of 1.12 and a beta of 1.41.

Olin (NYSE:OLN) last issued its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.08). Olin had a return on equity of 11.73% and a net margin of 4.26%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the firm earned $1.13 earnings per share. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. Research analysts anticipate that Olin Co. will post 1.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Olin

A number of hedge funds and other institutional investors have recently made changes to their positions in OLN. AQR Capital Management LLC raised its holdings in Olin by 429.8% in the 2nd quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company’s stock worth $28,769,000 after purchasing an additional 494,976 shares in the last quarter. Boston Partners raised its stake in Olin by 7.7% in the first quarter. Boston Partners now owns 5,414,265 shares of the specialty chemicals company’s stock worth $317,897,000 after buying an additional 384,888 shares in the last quarter. Lodge Hill Capital LLC lifted its holdings in Olin by 78.9% in the first quarter. Lodge Hill Capital LLC now owns 510,000 shares of the specialty chemicals company’s stock worth $29,988,000 after buying an additional 225,000 shares during the period. Dimensional Fund Advisors LP boosted its position in Olin by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after acquiring an additional 194,755 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Olin by 2,778.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 168,582 shares of the specialty chemicals company’s stock worth $7,949,000 after acquiring an additional 162,725 shares during the period. Institutional investors 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.