Wells Fargo & Company Cuts Olin (NYSE:OLN) Price Target to $31.00

Olin (NYSE:OLN) had its price target reduced by Wells Fargo & Company from $40.00 to $31.00 in a report released on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the specialty chemicals company’s stock.

Other equities research analysts have also issued reports about the company. UBS Group lowered their price objective on Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Truist Financial started coverage on Olin in a research report on Tuesday, January 28th. They issued a “hold” rating and a $38.00 price target on the stock. BMO Capital Markets cut their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Citigroup lowered their target price on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Finally, Piper Sandler cut their price target on shares of Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.94.

Olin Stock Performance

Shares of NYSE OLN opened at $26.67 on Monday. Olin has a one year low of $26.48 and a one year high of $60.60. 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 business has a fifty day simple moving average of $34.92 and a 200 day simple moving average of $40.73. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 0.69 and a beta of 1.45.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. Sell-side analysts expect that Olin will post 2.47 EPS for the current year.

Olin declared that its board has initiated a stock repurchase program on Thursday, December 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Olin

A number of institutional investors have recently made changes to their positions in OLN. Farther Finance Advisors LLC lifted its stake in Olin by 88.2% in the third 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 during the period. Covestor Ltd increased its stake in shares of Olin by 357.5% in the 3rd 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 stake in shares of Olin in the 3rd quarter valued at approximately $47,000. Spire Wealth Management boosted its stake in Olin by 246.8% during the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 1,150 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 valued at $75,000 after purchasing an additional 318 shares during the period. 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.