Olin (NYSE:OLN) Given New $24.00 Price Target at Truist Financial

Olin (NYSE:OLN) had its target price lowered by research analysts at Truist Financial from $26.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the specialty chemicals company’s stock. Truist Financial’s target price suggests a potential upside of 8.80% from the company’s current price.

A number of other research analysts have also recently weighed in on OLN. The Goldman Sachs Group dropped their price target on Olin from $31.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday. Wall Street Zen downgraded Olin from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. BMO Capital Markets lowered their target price on shares of Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a report on Monday, July 6th. Mizuho dropped their price target on Olin from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Olin from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.46.

Olin Stock Performance

Shares of NYSE:OLN traded up $0.07 on Monday, reaching $22.06. The company’s stock had a trading volume of 248,791 shares, compared to its average volume of 2,946,871. Olin has a 52-week low of $18.08 and a 52-week high of $30.46. The stock’s 50-day moving average is $23.68 and its two-hundred day moving average is $24.73. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The stock has a market capitalization of $2.51 billion, a P/E ratio of -19.61 and a beta of 1.21.

Hedge Funds Weigh In On Olin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OLN. Orbis Allan Gray Ltd lifted its holdings in Olin by 448.9% in the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after acquiring an additional 3,111,393 shares during the last quarter. Millennium Management LLC grew its stake in shares of Olin by 1,063.0% in the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after purchasing an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC grew its stake in shares of Olin by 141.3% in the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after purchasing an additional 1,126,809 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Olin by 22.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after purchasing an additional 1,031,498 shares in the last quarter. Finally, Amundi bought a new stake in shares of Olin in the 3rd quarter worth approximately $24,418,000. 88.67% of the stock is 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.