Olin Corporation (OLN) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Olin Corporation (NYSE:OLN) from a hold rating to a buy rating in a report released on Thursday morning. The brokerage currently has $31.00 price target on the stock.
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. “
Olin Corporation (NYSE:OLN) traded up 0.63% during mid-day trading on Thursday, reaching $27.08. 811,897 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $26.10 and a 200-day moving average price of $22.88. Olin Corporation has a 52 week low of $12.29 and a 52 week high of $27.98. The stock’s market cap is $4.48 billion.
Olin Corporation (NYSE:OLN) last released its quarterly earnings results on Tuesday, November 1st. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.33. Olin Corporation had a positive return on equity of 5.30% and a negative net margin of 1.49%. The business earned $1.45 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the business posted $0.27 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, analysts forecast that Olin Corporation will post $0.02 earnings per share for the current year.
In other Olin Corporation news, insider Pat D. Dawson purchased 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 8th. The stock was acquired at an average cost of $22.54 per share, with a total value of $450,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC boosted its position in Olin Corporation by 16.5% in the third quarter. Teachers Advisors LLC now owns 3,432,273 shares of the company’s stock worth $70,430,000 after buying an additional 487,205 shares in the last quarter. Northpointe Capital LLC boosted its position in Olin Corporation by 40.8% in the second quarter. Northpointe Capital LLC now owns 505,179 shares of the company’s stock worth $12,549,000 after buying an additional 146,298 shares in the last quarter. Foundry Partners LLC boosted its position in Olin Corporation by 10.5% in the third quarter. Foundry Partners LLC now owns 281,358 shares of the company’s stock worth $5,773,000 after buying an additional 26,797 shares in the last quarter. South Dakota Investment Council boosted its position in Olin Corporation by 10.5% in the third quarter. South Dakota Investment Council now owns 456,500 shares of the company’s stock worth $9,367,000 after buying an additional 43,200 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in Olin Corporation by 2.6% in the third quarter. Bank of Montreal Can now owns 126,442 shares of the company’s stock worth $2,594,000 after buying an additional 3,229 shares in the last quarter. 92.85% of the stock is owned by institutional investors and hedge funds.
About Olin Corporation
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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