Olin (NYSE:OLN) Price Target Cut to $61.00 by Analysts at KeyCorp

Posted by Defense World Staff on Oct 31st, 2023

Olin (NYSE:OLN – Free Report) had its price target trimmed by KeyCorp from $67.00 to $61.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the specialty chemicals company’s stock.

OLN has been the subject of several other research reports. JPMorgan Chase & Co. lowered shares of Olin from an overweight rating to a neutral rating and lowered their price objective for the company from $75.00 to $48.00 in a research note on Monday. Wells Fargo & Company lowered shares of Olin from an overweight rating to an equal weight rating and lowered their price objective for the company from $65.00 to $50.00 in a research note on Tuesday, September 26th. Royal Bank of Canada lifted their price objective on shares of Olin from $63.00 to $67.00 and gave the company an outperform rating in a research note on Monday, July 31st. Credit Suisse Group lifted their price objective on shares of Olin from $46.00 to $47.00 and gave the company an underperform rating in a research note on Friday, July 28th. Finally, Piper Sandler lowered their price objective on shares of Olin from $70.00 to $60.00 and set an overweight rating for the company in a research note on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $56.00.

Check Out Our Latest Stock Analysis on Olin

Olin Price Performance

OLN stock opened at $42.48 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.50 and a debt-to-equity ratio of 1.15. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 9.36 and a beta of 1.47. The company’s fifty day simple moving average is $49.68 and its 200 day simple moving average is $52.36. Olin has a 12-month low of $41.71 and a 12-month high of $64.70.

Olin (NYSE:OLN – Get Free Report) last released its earnings results on Friday, October 27th. The specialty chemicals company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.67 by $0.15. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Olin had a return on equity of 24.36% and a net margin of 8.39%. The firm’s revenue was down 28.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.18 earnings per share. On average, analysts expect that Olin will post 3.68 earnings per share for the current year.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Thursday, November 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Wednesday, November 8th. Olin’s dividend payout ratio is 17.62%.

Insiders Place Their Bets

In other Olin news, VP Brett A. Flaugher sold 11,250 shares of Olin stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $58.95, for a total transaction of $663,187.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, VP Damian Gumpel sold 800 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $55.39, for a total value of $44,312.00. Following the transaction, the vice president now directly owns 27,651 shares of the company’s stock, valued at approximately $1,531,588.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Brett A. Flaugher sold 11,250 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $58.95, for a total transaction of $663,187.50. The disclosure for this sale can be found here. Insiders have sold 24,174 shares of company stock valued at $1,414,639 in the last three months. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Olin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Monument Capital Management raised its stake in Olin by 0.6% in the 1st quarter. Monument Capital Management now owns 31,156 shares of the specialty chemicals company’s stock valued at $1,729,000 after acquiring an additional 183 shares during the period. CWM LLC raised its stake in Olin by 6.4% in the 2nd quarter. CWM LLC now owns 3,166 shares of the specialty chemicals company’s stock valued at $163,000 after acquiring an additional 190 shares during the period. Arbor Capital Management Inc. ADV raised its stake in Olin by 0.5% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 38,729 shares of the specialty chemicals company’s stock valued at $2,224,000 after acquiring an additional 199 shares during the period. Stratos Wealth Partners LTD. raised its stake in Olin by 4.8% in the 1st quarter. Stratos Wealth Partners LTD. now owns 4,369 shares of the specialty chemicals company’s stock valued at $243,000 after acquiring an additional 202 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Olin by 0.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 42,285 shares of the specialty chemicals company’s stock valued at $1,957,000 after acquiring an additional 216 shares during the period. 85.69% of the stock is owned by hedge funds and other institutional investors.

About Olin

(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.