BMO Capital Markets Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price target reduced by BMO Capital Markets from $44.00 to $34.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a market perform rating on the specialty chemicals company’s stock.

A number of other research firms have also recently commented on OLN. UBS Group decreased their price target on Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Piper Sandler decreased their target price on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada downgraded Olin from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $45.00 to $30.00 in a research report on Tuesday. Morgan Stanley reduced their price target on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, KeyCorp dropped their price objective on shares of Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $40.94.

Olin Stock Performance

NYSE OLN opened at $26.67 on Wednesday. The stock has a fifty day simple moving average of $34.92 and a 200-day simple moving average of $40.73. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The stock has a market cap of $3.11 billion, a PE ratio of 29.63, a P/E/G ratio of 0.69 and a beta of 1.45. Olin has a twelve month low of $26.48 and a twelve month high of $60.60.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. Equities analysts anticipate that Olin will post 2.47 earnings per share for the current year.

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

Insider Buying and Selling at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Olin

Hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its holdings in shares of Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares in the last quarter. Covestor Ltd lifted its position in Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 715 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Olin in the third quarter valued at $47,000. Spire Wealth Management grew its holdings in shares of Olin by 246.8% during the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after purchasing an additional 318 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

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.