Olin (NYSE:OLN) Lowered to Neutral at Bank of America

Olin (NYSE:OLN) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, Briefing.com reports. They currently have a $51.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $62.00. Bank of America‘s price target would suggest a potential upside of 14.22% from the company’s previous close.

Several other research analysts have also recently issued reports on OLN. The Goldman Sachs Group lowered their target price on shares of Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Monday. Royal Bank of Canada decreased their price target on shares of Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday. Barclays decreased their price target on shares of Olin from $59.00 to $49.00 and set an “equal weight” rating for the company in a research note on Monday. Piper Sandler increased their price target on shares of Olin from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Olin from $57.00 to $48.00 and set a “hold” rating for the company in a research report on Monday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.14.

Olin Trading Up 0.1 %

Shares of Olin stock traded up $0.06 on Monday, reaching $44.65. The company had a trading volume of 2,150,124 shares, compared to its average volume of 1,082,844. The firm’s 50 day moving average price is $49.67 and its two-hundred day moving average price is $52.72. The firm has a market cap of $5.33 billion, a PE ratio of 15.95, a PEG ratio of 0.32 and a beta of 1.44. Olin has a 52-week low of $41.71 and a 52-week high of $60.60. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 1.43.

Olin (NYSE:OLN) last announced its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.08). Olin had a return on equity of 11.73% and a net margin of 4.26%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the company earned $1.13 earnings per share. Olin’s quarterly revenue was down 3.5% on a year-over-year basis. Sell-side analysts predict that Olin will post 3.1 earnings per share for the current fiscal year.

Institutional Trading of Olin

A number of hedge funds have recently made changes to their positions in the company. LRI Investments LLC bought a new stake in shares of Olin in the first quarter worth $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Olin by 4,375.0% during the first quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 525 shares during the period. Sandy Spring Bank boosted its holdings in shares of Olin by 145.6% during the fourth quarter. Sandy Spring Bank now owns 614 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 364 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Olin by 30.0% during the first quarter. Fifth Third Bancorp now owns 858 shares of the specialty chemicals company’s stock valued at $50,000 after acquiring an additional 198 shares during the period. Finally, Quarry LP acquired a new position in shares of Olin during the fourth quarter valued at $50,000. 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.