Olin (NYSE:OLN) Raised to “Hold” at Zacks Research

Olin (NYSE:OLN) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other research firms have also weighed in on OLN. UBS Group raised their target price on Olin from $21.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Mizuho raised their target price on Olin from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, March 31st. Morgan Stanley cut their target price on Olin from $20.00 to $18.00 and set an “underweight” rating on the stock in a report on Monday, February 2nd. BMO Capital Markets cut their target price on Olin from $25.00 to $24.00 and set a “market perform” rating on the stock in a report on Tuesday, February 3rd. Finally, Citigroup raised their target price on Olin from $21.00 to $26.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.64.

Olin Stock Down 2.0%

NYSE OLN traded down $0.55 during trading on Monday, hitting $27.62. 234,187 shares of the company traded hands, compared to its average volume of 3,198,991. Olin has a 12 month low of $18.08 and a 12 month high of $30.46. The business has a fifty day simple moving average of $26.06 and a 200 day simple moving average of $23.40. The company has a current ratio of 1.21, a quick ratio of 0.73 and a debt-to-equity ratio of 1.45. The company has a market capitalization of $3.14 billion, a P/E ratio of -72.68 and a beta of 1.37.

Olin (NYSE:OLN) last posted its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, meeting the consensus estimate of ($0.58). Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $0.09 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts predict that Olin will post 1.38 EPS for the current year.

Insider Activity

In other news, VP Angela M. Castle sold 2,379 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $24.25, for a total value of $57,690.75. Following the sale, the vice president directly owned 1,528 shares of the company’s stock, valued at approximately $37,054. This trade represents a 60.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP R Nichole Sumner sold 4,750 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $22.49, for a total value of $106,827.50. Following the completion of the sale, the vice president directly owned 24,771 shares in the company, valued at approximately $557,099.79. This represents a 16.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 99,379 shares of company stock valued at $2,238,298. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Olin

Institutional investors have recently added to or reduced their stakes in the company. Choreo LLC acquired a new stake in Olin during the third quarter worth about $726,000. Thrivent Financial for Lutherans grew its position in Olin by 6.9% during the third quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock worth $40,974,000 after buying an additional 105,484 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in Olin during the third quarter worth about $5,761,000. SG Americas Securities LLC grew its position in Olin by 142.0% during the fourth quarter. SG Americas Securities LLC now owns 455,757 shares of the specialty chemicals company’s stock worth $9,493,000 after buying an additional 267,458 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in Olin during the third quarter worth about $770,000. 88.67% of the stock is owned by institutional investors and hedge funds.

About Olin

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.