Olin Corporation (OLN) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Olin Corporation (NYSE:OLN) from a sell rating to a hold rating in a research note released on Tuesday.
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 topic of a number of other reports. UBS AG reaffirmed a neutral rating and issued a $30.00 price target (down from $33.00) on shares of Olin Corporation in a research note on Sunday, June 25th. BidaskClub raised Olin Corporation from a sell rating to a hold rating in a research note on Wednesday, June 21st. Royal Bank Of Canada reaffirmed a buy rating and issued a $35.00 price target on shares of Olin Corporation in a research note on Tuesday, June 20th. Cowen and Company set a $39.00 price target on Olin Corporation and gave the stock a buy rating in a research note on Friday, July 28th. Finally, SunTrust Banks, Inc. reaffirmed a buy rating and issued a $44.00 price target (up from $36.00) on shares of Olin Corporation in a research note on Monday, October 2nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $36.88.
Olin Corporation (NYSE:OLN) traded down 0.328% on Tuesday, reaching $34.985. The company’s stock had a trading volume of 1,476,480 shares. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 136.128 and a beta of 1.42. The firm has a 50-day moving average of $33.88 and a 200 day moving average of $31.38. Olin Corporation has a 12-month low of $20.08 and a 12-month high of $36.84.
Olin Corporation (NYSE:OLN) last issued its quarterly earnings data on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.15). Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business posted $0.24 earnings per share. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities research analysts anticipate that Olin Corporation will post $1.02 EPS for the current fiscal year.
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In other Olin Corporation news, EVP John L. Mcintosh sold 24,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total transaction of $756,960.00. Following the transaction, the executive vice president now owns 84,391 shares of the company’s stock, valued at $2,661,692.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen C. Curley sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $30.34, for a total value of $151,700.00. Following the transaction, the vice president now directly owns 23,837 shares in the company, valued at approximately $723,214.58. The disclosure for this sale can be found here. Insiders sold 45,070 shares of company stock worth $1,407,151 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC boosted its stake in Olin Corporation by 2.0% during the third quarter. Mutual of America Capital Management LLC now owns 134,607 shares of the specialty chemicals company’s stock worth $4,610,000 after buying an additional 2,619 shares during the last quarter. Shell Asset Management Co. acquired a new position in Olin Corporation during the third quarter worth $1,793,000. Public Employees Retirement System of Ohio boosted its stake in Olin Corporation by 766.4% during the second quarter. Public Employees Retirement System of Ohio now owns 83,115 shares of the specialty chemicals company’s stock worth $2,517,000 after buying an additional 73,522 shares during the last quarter. Proxima Capital Management LLC boosted its stake in Olin Corporation by 28.5% during the second quarter. Proxima Capital Management LLC now owns 175,000 shares of the specialty chemicals company’s stock worth $5,299,000 after buying an additional 38,800 shares during the last quarter. Finally, Sterling Capital Management LLC acquired a new position in Olin Corporation during the second quarter worth $778,000. 92.62% of the stock is currently owned by institutional investors.
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, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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