Truist Financial Cuts Olin (NYSE:OLN) Price Target to $20.00

Olin (NYSE:OLN) had its price objective reduced by Truist Financial from $23.00 to $20.00 in a research report sent to investors on Monday morning, MarketBeat.com reports. They currently have a hold rating on the specialty chemicals company’s stock.

Other equities analysts have also issued research reports about the stock. UBS Group decreased their price objective on shares of Olin from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d+)” rating on shares of Olin in a research report on Thursday, January 22nd. Royal Bank Of Canada increased their target price on shares of Olin from $22.00 to $24.00 and gave the stock a “sector perform” rating in a research report on Friday, January 16th. BMO Capital Markets set a $25.00 price objective on Olin in a report on Friday, January 9th. Finally, Mizuho set a $22.00 target price on Olin in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and a consensus target price of $22.86.

Olin Trading Up 10.8%

NYSE:OLN opened at $25.40 on Monday. The stock has a fifty day simple moving average of $21.91 and a 200 day simple moving average of $22.10. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of -66.84, a price-to-earnings-growth ratio of 8.09 and a beta of 1.64. Olin has a 1-year low of $17.66 and a 1-year high of $28.77. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.46.

Olin (NYSE:OLN) last posted its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, meeting analysts’ consensus estimates of ($0.58). Olin had a negative net margin of 0.63% and a negative return on equity of 0.47%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the firm earned $0.09 earnings per share. The business’s quarterly revenue was down .4% on a year-over-year basis. Sell-side analysts forecast that Olin will post 1.38 earnings per share for the current year.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.1%. Olin’s payout ratio is currently -210.53%.

Insider Activity at Olin

In related news, VP Teresa M. Vermillion sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $20.86, for a total value of $93,870.00. Following the transaction, the vice president directly owned 17,199 shares of the company’s stock, valued at approximately $358,771.14. This trade represents a 20.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its holdings in Olin by 6.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock worth $40,974,000 after acquiring an additional 105,484 shares during the period. Pzena Investment Management LLC grew its position in shares of Olin by 4.5% in the second quarter. Pzena Investment Management LLC now owns 3,829,021 shares of the specialty chemicals company’s stock valued at $76,925,000 after purchasing an additional 166,482 shares during the last quarter. V. M. Manning & CO. Inc. bought a new position in shares of Olin in the second quarter worth about $989,000. Prudential Financial Inc. increased its stake in shares of Olin by 5,469.7% in the second quarter. Prudential Financial Inc. now owns 588,323 shares of the specialty chemicals company’s stock worth $11,819,000 after purchasing an additional 577,760 shares during the period. Finally, Bayforest Capital Ltd acquired a new position in shares of Olin during the 3rd quarter worth about $770,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.