Olin (NYSE:OLN) Price Target Cut to $45.00 by Analysts at Citigroup

Olin (NYSE:OLN) had its target price decreased by analysts at Citigroup from $48.00 to $45.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s target price indicates a potential upside of 25.00% from the company’s previous close.

Several other research firms have also commented on OLN. Barclays decreased their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday. Wells Fargo & Company lowered their price target on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. KeyCorp cut their price objective on Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. BMO Capital Markets dropped their price target on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research report on Tuesday, October 29th. Finally, Royal Bank of Canada reduced their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $50.14.

Olin Stock Performance

OLN traded down $1.31 during trading on Monday, hitting $36.00. The stock had a trading volume of 757,376 shares, compared to its average volume of 1,221,208. The firm has a market capitalization of $4.20 billion, a P/E ratio of 29.03, a PEG ratio of 1.51 and a beta of 1.43. The company’s 50-day moving average price is $43.08 and its 200 day moving average price is $44.95. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. Olin has a twelve month low of $35.87 and a twelve month high of $60.60.

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

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Olin

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in shares of Olin by 19.2% during the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock valued at $51,015,000 after acquiring an additional 172,768 shares during the period. Synovus Financial Corp acquired a new stake in Olin during the 3rd quarter valued at $253,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Olin in the third quarter valued at $256,000. First Sabrepoint Capital Management LP purchased a new position in shares of Olin during the third quarter valued at $5,278,000. Finally, Barclays PLC raised its position in Olin by 37.7% during the third quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after buying an additional 34,485 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.

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.