Truist Financial Lowers Olin (NYSE:OLN) Price Target to $32.00

Olin (NYSE:OLN) had its target price reduced by equities researchers at Truist Financial from $38.00 to $32.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the specialty chemicals company’s stock. Truist Financial’s target price suggests a potential upside of 14.28% from the company’s previous close.

Several other equities analysts also recently issued reports on OLN. Morgan Stanley dropped their price target on shares of Olin from $41.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, January 13th. Bank of America raised Olin from a “neutral” rating to a “buy” rating and cut their target price for the stock from $48.00 to $40.00 in a report on Tuesday, January 14th. Barclays decreased their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. BMO Capital Markets reduced their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Finally, UBS Group lowered their price target on shares of Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $43.63.

Olin Price Performance

Olin stock traded down $1.29 during mid-day trading on Monday, reaching $28.00. The company had a trading volume of 1,271,712 shares, compared to its average volume of 1,553,016. The business has a fifty day simple moving average of $35.52 and a 200 day simple moving average of $41.03. The company has a market cap of $3.27 billion, a P/E ratio of 31.14, a P/E/G ratio of 0.69 and a beta of 1.45. 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 has a fifty-two week low of $27.15 and a fifty-two week high of $60.60.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. On average, equities research analysts predict that Olin will post 2.47 earnings per share for the current year.

Olin declared that its Board of Directors has authorized a share 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 purchase up to 45% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin 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 transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Olin

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ieq Capital LLC purchased a new stake in Olin in the fourth quarter worth $824,000. Alberta Investment Management Corp purchased a new stake in Olin in the 4th quarter worth about $660,000. State of New Jersey Common Pension Fund D raised its stake in Olin by 14.8% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 51,312 shares of the specialty chemicals company’s stock valued at $1,734,000 after acquiring an additional 6,617 shares during the period. Rhumbline Advisers lifted its holdings in Olin by 1.6% during the fourth quarter. Rhumbline Advisers now owns 324,696 shares of the specialty chemicals company’s stock valued at $10,975,000 after purchasing an additional 5,093 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Olin during the fourth quarter worth about $328,000. 88.67% of the stock is 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.