Truist Financial Initiates Coverage on Olin (NYSE:OLN)

Research analysts at Truist Financial started coverage on shares of Olin (NYSE:OLN) in a report released on Tuesday, Marketbeat.com reports. The firm set a “hold” rating and a $38.00 price target on the specialty chemicals company’s stock. Truist Financial’s price objective would indicate a potential upside of 16.48% from the stock’s current price.

Several other research firms have also weighed in on OLN. KeyCorp dropped their price objective on shares of Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. Royal Bank of Canada dropped their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 29th. Citigroup dropped their price target on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. Finally, Morgan Stanley dropped their price target on shares of Olin from $41.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Olin currently has a consensus rating of “Hold” and an average target price of $46.50.

Olin Stock Performance

Shares of Olin stock opened at $32.62 on Tuesday. The firm has a market cap of $3.80 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 0.78 and a beta of 1.48. The firm’s 50-day simple moving average is $36.16 and its 200-day simple moving average is $41.42. 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 1 year low of $30.69 and a 1 year high of $60.60.

Olin declared that its board has initiated a stock repurchase plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 24,056 shares in the company, 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 filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Trading of Olin

A number of large investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its position in shares of Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares in the last quarter. Entropy Technologies LP lifted its position in Olin by 2.5% in the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock worth $648,000 after buying an additional 332 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock worth $568,000 after buying an additional 350 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its position in Olin by 9.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock worth $197,000 after buying an additional 500 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors.

Olin Company Profile

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.