Morgan Stanley Cuts Olin (NYSE:OLN) Price Target to $20.00

Olin (NYSE:OLN) had its target price decreased by Morgan Stanley from $28.00 to $20.00 in a report published on Monday,Benzinga reports. Morgan Stanley currently has an underweight rating on the specialty chemicals company’s stock.

A number of other research analysts have also weighed in on the stock. UBS Group raised their price target on shares of Olin from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Mizuho set a $23.00 price target on shares of Olin in a research note on Tuesday, April 15th. Piper Sandler decreased their target price on shares of Olin from $33.00 to $26.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. JPMorgan Chase & Co. decreased their target price on shares of Olin from $28.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company raised their target price on shares of Olin from $19.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.07.

Olin Trading Down 2.6%

Shares of Olin stock opened at $21.93 on Monday. The firm has a market capitalization of $2.52 billion, a PE ratio of 24.37 and a beta of 1.56. Olin has a twelve month low of $17.66 and a twelve month high of $57.10. The firm’s 50-day moving average price is $22.33 and its 200 day moving average price is $30.36. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.14. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Olin had a net margin of 1.66% and a return on equity of 5.10%. Olin’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.40 EPS. On average, sell-side analysts predict that Olin will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.65%. Olin’s dividend payout ratio is currently 156.86%.

Institutional Trading of Olin

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ieq Capital LLC increased its holdings in shares of Olin by 71.9% during the 1st quarter. Ieq Capital LLC now owns 41,897 shares of the specialty chemicals company’s stock worth $1,016,000 after buying an additional 17,528 shares during the last quarter. Gamco Investors INC. ET AL increased its holdings in shares of Olin by 9.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 126,400 shares of the specialty chemicals company’s stock worth $3,064,000 after buying an additional 11,400 shares during the last quarter. Gabelli Funds LLC increased its holdings in shares of Olin by 5.2% during the 1st quarter. Gabelli Funds LLC now owns 101,000 shares of the specialty chemicals company’s stock worth $2,448,000 after buying an additional 5,000 shares during the last quarter. FORA Capital LLC acquired a new stake in Olin in the 1st quarter valued at approximately $578,000. Finally, Comerica Bank increased its holdings in Olin by 11.9% in the 1st quarter. Comerica Bank now owns 81,827 shares of the specialty chemicals company’s stock valued at $1,983,000 after purchasing an additional 8,697 shares during the last quarter. Institutional investors and hedge funds 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.