Piper Sandler Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective cut by Piper Sandler from $51.00 to $41.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

OLN has been the subject of several other reports. Citigroup reduced their price objective on Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 16th. KeyCorp reduced their price objective on Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Royal Bank of Canada reduced their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Barclays reduced their price objective on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Finally, Wells Fargo & Company dropped their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin has an average rating of “Hold” and an average target price of $49.43.

Olin Stock Down 1.0 %

Olin stock opened at $31.80 on Tuesday. Olin has a fifty-two week low of $31.13 and a fifty-two week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The company has a market capitalization of $3.71 billion, a P/E ratio of 25.65, a PEG ratio of 1.51 and a beta of 1.48. The stock has a 50-day simple moving average of $38.59 and a 200-day simple moving average of $42.75.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, November 14th. Olin’s dividend payout ratio is currently 64.52%.

Olin announced that its board has authorized a share repurchase program on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Olin

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Hawaiian Bank lifted its stake in Olin by 9.0% in the 4th quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company’s stock valued at $732,000 after buying an additional 1,785 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after purchasing an additional 172,768 shares during the period. Synovus Financial Corp purchased a new position in shares of Olin during the 3rd quarter worth $253,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Olin during the 3rd quarter worth $256,000. Finally, First Sabrepoint Capital Management LP purchased a new position in shares of Olin during the 3rd quarter worth $5,278,000. Hedge funds and other institutional investors own 88.67% of the company’s stock.

About Olin

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.