KeyCorp Lowers Olin (NYSE:OLN) Price Target to $40.00

Olin (NYSE:OLN) had its price target reduced by KeyCorp from $50.00 to $40.00 in a research note released on Monday morning,Benzinga reports. KeyCorp currently has an overweight rating on the specialty chemicals company’s stock.

Other research analysts have also recently issued reports about the company. UBS Group dropped their price target on Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, January 31st. Wells Fargo & Company lowered their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Truist Financial assumed coverage on Olin in a research note on Tuesday, January 28th. They set a “hold” rating and a $38.00 price target on the stock. Piper Sandler lowered their price objective on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Barclays cut their target price 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, December 13th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $40.94.

Olin Stock Performance

NYSE:OLN opened at $26.67 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $3.11 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 0.69 and a beta of 1.45. Olin has a twelve month low of $26.48 and a twelve month high of $60.60. The stock’s 50-day simple moving average is $34.92 and its 200 day simple moving average is $40.73.

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, beating 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%. On average, analysts anticipate that Olin will post 2.47 EPS for the current fiscal year.

Olin declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase 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.

Insider Activity at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Olin

Hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its holdings in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the last quarter. Covestor Ltd boosted its stake in Olin by 357.5% during 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 last quarter. Capital Performance Advisors LLP bought a new stake in Olin during the 3rd quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Olin by 26.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after purchasing an additional 318 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Olin by 4,862.5% in the third 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 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.