Olin (NYSE:OLN) Downgraded by Wells Fargo & Company to “Hold”

Wells Fargo & Company downgraded shares of Olin (NYSE:OLN) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

OLN has been the topic of a number of other reports. Truist Financial decreased their price target on Olin from $24.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday. Bank of America downgraded shares of Olin from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $32.00 to $21.00 in a research note on Tuesday, June 30th. Citigroup lowered shares of Olin from a “neutral” rating to an “underperform” rating in a report on Tuesday, June 30th. Wall Street Zen cut shares of Olin from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Morgan Stanley boosted their target price on shares of Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Olin presently has a consensus rating of “Reduce” and a consensus price target of $23.08.

Olin Price Performance

OLN stock opened at $19.06 on Monday. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -15.49 and a beta of 1.22. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. Olin has a 52-week low of $17.73 and a 52-week high of $30.46. The stock’s fifty day simple moving average is $22.43 and its 200-day simple moving average is $24.69.

Institutional Investors Weigh In On Olin

Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. increased its stake in Olin by 115.2% during 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Olin in the 1st quarter valued at about $32,000. Sunbelt Securities Inc. acquired a new position in shares of Olin in the 1st quarter valued at about $45,000. UMB Bank n.a. grew its holdings in shares of Olin by 34.0% during the 4th quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock worth $54,000 after purchasing an additional 659 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Olin by 45.0% during the 3rd quarter. NewEdge Advisors LLC now owns 2,323 shares of the specialty chemicals company’s stock worth $58,000 after purchasing an additional 721 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.