Olin (NYSE:OLN) Cut to “Neutral” at Piper Sandler

Piper Sandler cut shares of Olin (NYSE:OLN) from an overweight rating to a neutral rating in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. They currently have $33.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $41.00.

OLN has been the subject of a number of other research reports. KeyCorp cut their price target on shares of Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Citigroup reduced their price target on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Truist Financial lowered their price target on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a report on Monday, February 3rd. BMO Capital Markets decreased their target price on Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 5th. Finally, Morgan Stanley dropped their price target on Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Olin presently has a consensus rating of “Hold” and a consensus price target of $40.44.

Olin Price Performance

Shares of NYSE:OLN opened at $27.72 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The company has a 50-day moving average price of $32.64 and a 200 day moving average price of $39.73. Olin has a 52 week low of $26.48 and a 52 week high of $60.60. The company has a market cap of $3.23 billion, a P/E ratio of 30.80, a PEG ratio of 0.91 and a beta of 1.45.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. Research analysts predict that Olin will post 1.83 earnings per share for the current year.

Olin announced that its board has initiated a stock repurchase program on Thursday, December 12th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Olin

In other Olin news, CEO Kenneth Todd Lane purchased 7,250 shares of the stock in a transaction on Tuesday, February 4th. The stock was bought at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the acquisition, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at $203,435. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Olin

Hedge funds have recently modified their holdings of the stock. CWM LLC raised its stake in Olin by 18.0% during the third quarter. CWM LLC now owns 8,668 shares of the specialty chemicals company’s stock worth $416,000 after purchasing an additional 1,324 shares during the period. Blue Trust Inc. increased its holdings in shares of Olin by 63.9% during the 3rd quarter. Blue Trust Inc. now owns 2,149 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 838 shares during the last quarter. First Citizens Bank & Trust Co. boosted its holdings in Olin by 14.1% in the third quarter. First Citizens Bank & Trust Co. now owns 6,388 shares of the specialty chemicals company’s stock valued at $306,000 after acquiring an additional 789 shares during the last quarter. Raymond James & Associates grew its position in Olin by 10.7% during the third quarter. Raymond James & Associates now owns 192,826 shares of the specialty chemicals company’s stock valued at $9,252,000 after acquiring an additional 18,606 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in Olin by 2.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,061,001 shares of the specialty chemicals company’s stock worth $50,907,000 after acquiring an additional 25,163 shares during the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

Olin Company Profile

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.