Olin (NYSE:OLN) Shares Gap Up – Here’s Why

Olin Corporation (NYSE:OLN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $25.30, but opened at $26.65. Olin shares last traded at $24.1430, with a volume of 715,728 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $37.00 price target on shares of Olin in a research report on Sunday, May 10th. JPMorgan Chase & Co. boosted their price target on shares of Olin from $20.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. Citigroup boosted their price target on shares of Olin from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. The Goldman Sachs Group boosted their price target on shares of Olin from $22.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Finally, Wall Street Zen upgraded shares of Olin from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $28.08.

Olin Price Performance

The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73. The firm’s 50 day simple moving average is $26.86 and its 200 day simple moving average is $24.69. The company has a market capitalization of $2.62 billion, a PE ratio of -20.63 and a beta of 1.17.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, May 14th. Olin’s payout ratio is currently -71.43%.

Institutional Trading of Olin

Hedge funds have recently added to or reduced their stakes in the business. Strategic Advocates LLC purchased a new stake in Olin in the third quarter worth about $25,000. Rockefeller Capital Management L.P. lifted its stake in Olin by 115.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after acquiring an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Olin in the first quarter worth about $32,000. Bessemer Group Inc. lifted its stake in Olin by 712.7% in the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock worth $34,000 after acquiring an additional 1,176 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in Olin in the first quarter worth about $45,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Company Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.