Barclays Lowers Olin (NYSE:OLN) Price Target to $34.00

Olin (NYSE:OLN) had its price objective trimmed by Barclays from $43.00 to $34.00 in a report released on Monday,Benzinga reports. The firm currently has an equal weight rating on the specialty chemicals company’s stock.

A number of other brokerages have also recently commented on OLN. Piper Sandler dropped their price target on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Bank of America raised Olin from a “neutral” rating to a “buy” rating and cut their price target for the stock from $48.00 to $40.00 in a report on Tuesday, January 14th. Citigroup decreased their price objective on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. Morgan Stanley cut their target price on Olin from $41.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, January 13th. Finally, Royal Bank of Canada reduced their target price on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $40.94.

Olin Stock Performance

Shares of OLN opened at $26.67 on Monday. Olin has a 1 year low of $26.48 and a 1 year high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. The stock’s fifty day moving average price is $34.92 and its two-hundred day moving average price is $40.73. The firm has a market cap of $3.11 billion, a PE ratio of 29.63, a PEG ratio of 0.69 and a beta of 1.45.

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

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

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Olin

A number of hedge funds have recently bought and sold shares of OLN. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock worth $424,095,000 after acquiring an additional 531,330 shares in the last quarter. Pzena Investment Management LLC boosted its stake in shares of Olin by 24.8% in the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Olin by 8.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,305,521 shares of the specialty chemicals company’s stock valued at $44,127,000 after purchasing an additional 97,980 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Olin by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock worth $62,168,000 after purchasing an additional 37,043 shares during the period. Finally, Franklin Resources Inc. lifted its stake in Olin by 19.2% in the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after purchasing an additional 172,768 shares during the last quarter. 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.