Olin (NYSE:OLN) Hits New 12-Month Low – Here’s What Happened

Olin Corporation (NYSE:OLN) shares hit a new 52-week low on Tuesday . The stock traded as low as $16.73 and last traded at $17.66, with a volume of 2463499 shares. The stock had previously closed at $17.37.

Analyst Ratings Changes

A number of research firms have issued reports on OLN. BMO Capital Markets lowered their price target on Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research report on Monday, July 6th. UBS Group decreased their price objective on shares of Olin from $23.00 to $21.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Royal Bank Of Canada lowered their price target on Olin from $24.00 to $20.00 and set a “sector perform” rating for the company in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft cut their price objective on Olin from $30.00 to $20.00 and set a “hold” rating on the stock in a research report on Tuesday, August 25th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Olin in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $22.62.

Olin Price Performance

The company has a debt-to-equity ratio of 1.77, a current ratio of 1.42 and a quick ratio of 0.87. The business’s 50-day moving average price is $19.71 and its two-hundred day moving average price is $23.71. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of -14.36 and a beta of 1.20.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.25). The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.81 billion. Olin had a negative net margin of 2.08% and a negative return on equity of 4.76%. The company’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.01) earnings per share. On average, research analysts forecast that Olin Corporation will post -0.68 EPS for the current fiscal year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders 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 dividend yield of 4.5%. Olin’s dividend payout ratio (DPR) is presently -65.04%.

Institutional Investors Weigh In On Olin

A number of institutional investors have recently made changes to their positions in the company. Orbis Allan Gray Ltd raised its position in shares of 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 purchasing an additional 3,111,393 shares during the period. California State Teachers Retirement System grew its stake in Olin by 1,831.5% during the 2nd quarter. California State Teachers Retirement System now owns 2,599,373 shares of the specialty chemicals company’s stock worth $51,520,000 after buying an additional 2,464,794 shares during the last quarter. Millennium Management LLC increased its position in Olin by 1,063.0% in the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after buying an additional 2,272,877 shares during the period. Bank of New York Mellon Corp bought a new stake in Olin in the second quarter valued at $23,785,000. Finally, Semper Augustus Investments Group LLC lifted its stake in Olin by 141.3% in 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 buying an additional 1,126,809 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors.

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.