KeyCorp Lowers Olin (NYSE:OLN) Price Target to $50.00

Olin (NYSE:OLN) had its target price decreased by analysts at KeyCorp from $56.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the specialty chemicals company’s stock. KeyCorp’s price objective indicates a potential upside of 59.80% from the company’s previous close.

OLN has been the subject of several other reports. Royal Bank of Canada reduced their price target on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. BMO Capital Markets decreased their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Barclays cut their price target on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Wells Fargo & Company decreased their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, Citigroup dropped their target price on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a report on Monday, December 16th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $49.00.

Olin Trading Down 1.6 %

NYSE OLN opened at $31.29 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $3.65 billion, a P/E ratio of 25.23, a P/E/G ratio of 1.51 and a beta of 1.48. Olin has a 52-week low of $31.13 and a 52-week high of $60.60. The firm has a 50-day moving average price of $38.59 and a 200 day moving average price of $42.75.

Olin announced that its board has initiated a stock repurchase plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin 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 completion of the transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OLN. First Hawaiian Bank grew its holdings in shares of Olin by 9.0% in the 4th quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company’s stock worth $732,000 after acquiring an additional 1,785 shares during the last quarter. Franklin Resources Inc. increased its stake in Olin by 19.2% in 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 in the last quarter. Synovus Financial Corp acquired a new stake in Olin during the 3rd quarter worth about $253,000. Wilmington Savings Fund Society FSB purchased a new stake in Olin during the third quarter valued at about $256,000. Finally, First Sabrepoint Capital Management LP purchased a new position in shares of Olin in the third quarter worth approximately $5,278,000. 88.67% of the stock is owned by institutional investors and hedge funds.

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.