Q3 2023 EPS Estimates for Olin Co. Reduced by KeyCorp (NYSE:OLN)

Posted by Defense World Staff on Jul 13th, 2023

Olin Co. (NYSE:OLN – Free Report) – Equities researchers at KeyCorp dropped their Q3 2023 earnings estimates for Olin in a research report issued to clients and investors on Monday, July 10th. KeyCorp analyst A. Yefremov now forecasts that the specialty chemicals company will post earnings of $0.89 per share for the quarter, down from their previous estimate of $1.03. The consensus estimate for Olin’s current full-year earnings is $5.06 per share. KeyCorp also issued estimates for Olin’s Q4 2023 earnings at $0.91 EPS.

A number of other equities analysts have also weighed in on OLN. Stifel Nicolaus increased their price target on Olin from $89.00 to $90.00 in a research report on Monday, May 1st. StockNews.com lowered shares of Olin from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. UBS Group downgraded shares of Olin from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $68.00 to $53.00 in a research report on Tuesday, June 27th. Bank of America reduced their price target on shares of Olin from $78.00 to $69.00 in a research report on Thursday, June 22nd. Finally, Barclays lowered their price objective on shares of Olin from $70.00 to $64.00 in a research report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Olin presently has a consensus rating of “Hold” and a consensus price target of $65.67.

Olin Stock Performance

Shares of NYSE OLN opened at $55.59 on Wednesday. The stock’s fifty day simple moving average is $51.80 and its 200 day simple moving average is $55.01. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 1.13 and a beta of 1.44. The company has a quick ratio of 0.84, a current ratio of 1.60 and a debt-to-equity ratio of 1.09. Olin has a 52-week low of $41.33 and a 52-week high of $64.70.

Olin (NYSE:OLN – Get Free Report) last posted its quarterly earnings results on Friday, April 28th. The specialty chemicals company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.12). Olin had a return on equity of 42.24% and a net margin of 12.45%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter last year, the firm posted $2.48 EPS. The company’s quarterly revenue was down 25.1% compared to the same quarter last year.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Thursday, May 11th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, May 10th. This represents a $0.80 dividend on an annualized basis and a yield of 1.44%. Olin’s dividend payout ratio (DPR) is currently 10.62%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Sciencast Management LP bought a new position in Olin during the second quarter valued at about $506,000. AE Wealth Management LLC increased its holdings in shares of Olin by 25.5% during the 2nd quarter. AE Wealth Management LLC now owns 7,368 shares of the specialty chemicals company’s stock valued at $379,000 after acquiring an additional 1,496 shares during the last quarter. First Hawaiian Bank raised its stake in shares of Olin by 1.6% in the 2nd quarter. First Hawaiian Bank now owns 15,315 shares of the specialty chemicals company’s stock valued at $787,000 after acquiring an additional 239 shares in the last quarter. Duality Advisers LP acquired a new stake in Olin in the 1st quarter worth approximately $1,809,000. Finally, Psagot Value Holdings Ltd. Israel boosted its position in Olin by 22.2% during the first quarter. Psagot Value Holdings Ltd. Israel now owns 5,500 shares of the specialty chemicals company’s stock worth $297,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 84.77% of the company’s stock.

Olin Company Profile

(Get Free Report)

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.