Olin (NYSE:OLN) Hits New 12-Month Low on Analyst Downgrade

Olin Co. (NYSE:OLN)’s stock price hit a new 52-week low during trading on Monday after Barclays lowered their price target on the stock from $45.00 to $43.00. Barclays currently has an equal weight rating on the stock. Olin traded as low as $36.22 and last traded at $36.52, with a volume of 250549 shares traded. The stock had previously closed at $37.31.

Several other equities research analysts have also issued reports on the stock. KeyCorp dropped their price objective on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Wells Fargo & Company reduced their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Piper Sandler decreased their price target on shares of Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Royal Bank of Canada cut their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Finally, BMO Capital Markets dropped their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.71.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly owns 24,056 shares of the company’s stock, 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. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Olin

Several hedge funds have recently made changes to their positions in OLN. Farther Finance Advisors LLC grew its stake in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 276 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Olin during the 2nd quarter worth approximately $33,000. Covestor Ltd grew its stake in shares of Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Olin during the 3rd quarter worth approximately $47,000. Finally, Denver PWM LLC bought a new position in shares of Olin in the second quarter valued at $59,000. 88.67% of the stock is owned by institutional investors.

Olin Stock Down 1.9 %

The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The firm’s 50 day moving average is $43.08 and its two-hundred day moving average is $45.00. The firm has a market capitalization of $4.27 billion, a P/E ratio of 30.09, a PEG ratio of 1.51 and a beta of 1.43.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Thursday, November 14th. Olin’s dividend payout ratio is 64.52%.

Olin announced that its board has authorized a share buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.