Olin Corp. (OLN) Stock Rating Upgraded by Zacks Investment Research
Olin Corp. (NYSE:OLN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The firm presently has a $23.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 9.16% from the company’s current price.
According to Zacks, “Olin Corporation is a manufacturer concentrated in chemicals, metals and ammunition. The chemicals segment is divided into divisions: Chlor-Alkali, Chemicals and Microelectronic Materials. Chlor-alkali includes chlor-alkali products, sodium hydrosulfite and high strength bleach products. Chemicals includes pool chemicals, biocides, hydrazine, polyols, propylene glycols and surfactants and fluids. Microelectronic Materials includes image-forming and electronic interconnect materials and services. The metals and ammunition segment produces copper alloy sheet, strip, rod, wire, and ammunition. “
OLN has been the subject of a number of other reports. Cowen and Company upgraded shares of Olin Corp. from a “market perform” rating to an “outperform” rating and upped their price target for the company from $18.00 to $31.00 in a report on Tuesday, June 28th. Longbow Research cut shares of Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price target for the company. in a report on Wednesday, September 7th. RBC Capital Markets reiterated a “buy” rating and issued a $24.00 target price (down previously from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $28.00 target price (up previously from $25.00) on shares of Olin Corp. in a research note on Monday, June 13th. Finally, Nomura reiterated a “buy” rating on shares of Olin Corp. in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Olin Corp. currently has a consensus rating of “Buy” and a consensus target price of $22.67.
Olin Corp. (NYSE:OLN) opened at 21.22 on Wednesday. The firm’s market cap is $3.50 billion. Olin Corp. has a 52 week low of $12.29 and a 52 week high of $26.46. The firm’s 50 day moving average price is $20.28 and its 200-day moving average price is $21.25.
Olin Corp. (NYSE:OLN) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.07. Olin Corp. had a negative net margin of 2.05% and a positive return on equity of 4.25%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter last year, the company earned $0.32 earnings per share. The firm’s revenue was up 154.8% on a year-over-year basis. On average, analysts forecast that Olin Corp. will post $1.27 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 3.80%. Olin Corp.’s dividend payout ratio is presently -150.94%.
In related news, EVP John L. Mcintosh sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total value of $215,900.00. Following the transaction, the executive vice president now owns 60,391 shares in the company, valued at approximately $1,303,841.69. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.80% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Howard Hughes Medical Institute bought a new position in shares of Olin Corp. during the second quarter worth approximately $178,000. Scout Investments Inc. bought a new position in shares of Olin Corp. during the second quarter worth approximately $212,000. Quadrature Capital Ltd bought a new position in shares of Olin Corp. during the second quarter worth approximately $227,000. LS Investment Advisors LLC raised its position in shares of Olin Corp. by 8.9% in the second quarter. LS Investment Advisors LLC now owns 9,915 shares of the company’s stock worth $246,000 after buying an additional 813 shares during the period. Finally, Nomura Holdings Inc. bought a new position in shares of Olin Corp. during the second quarter worth approximately $250,000. Institutional investors and hedge funds own 92.85% of the company’s stock.
Olin Corp. Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrogen, bleach products and potassium hydroxide.
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