Brokerages Set Olin Corporation (NYSE:OLN) Price Target at $23.08

Olin Corporation (NYSE:OLN) has received a consensus recommendation of “Reduce” from the sixteen research firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $23.0769.

A number of brokerages recently commented on OLN. Truist Financial lowered their price objective on Olin from $24.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, August 3rd. Bank of America cut Olin from a “buy” rating to an “underperform” rating and cut their target price for the company from $32.00 to $21.00 in a research note on Tuesday, June 30th. UBS Group reduced their price target on shares of Olin from $23.00 to $21.00 and set a “neutral” rating for the company in a report on Monday, August 3rd. Royal Bank Of Canada lowered their price target on shares of Olin from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Monday, August 3rd. Finally, Mizuho upped their price target on shares of Olin from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st.

Olin Stock Performance

Shares of NYSE OLN opened at $18.41 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. The firm’s 50-day moving average price is $20.76 and its two-hundred day moving average price is $24.30. Olin has a 52-week low of $17.73 and a 52-week high of $30.46. The stock has a market capitalization of $2.10 billion, a P/E ratio of -14.97 and a beta of 1.22.

Olin (NYSE:OLN) last posted its earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.25). The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.81 billion. Olin had a negative net margin of 2.08% and a negative return on equity of 4.76%. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the company posted ($0.01) earnings per share. As a group, sell-side analysts forecast that Olin will post -0.64 earnings per share for the current year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a $0.20 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 4.3%. Olin’s dividend payout ratio is -65.04%.

Institutional Investors Weigh In On Olin

Several large investors have recently made changes to their positions in the company. Orbis Allan Gray Ltd boosted its position in Olin by 448.9% during the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock worth $79,249,000 after acquiring an additional 3,111,393 shares during the period. Millennium Management LLC increased its holdings in shares of Olin by 1,063.0% during the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock valued at $62,143,000 after purchasing an additional 2,272,877 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Olin during the second quarter valued at $23,785,000. Semper Augustus Investments Group LLC raised its stake in shares of Olin by 141.3% during the third quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock valued at $48,087,000 after purchasing an additional 1,126,809 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Olin by 22.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock valued at $167,311,000 after purchasing an additional 1,031,498 shares in the last quarter. 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.