Olin (NYSE:OLN) Given New $43.00 Price Target at Barclays

Olin (NYSE:OLN - Free Report) had its target price cut by Barclays from $45.00 to $43.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an equal weight rating on the specialty chemicals company's stock.

Other analysts have also issued research reports about the company. KeyCorp lowered their price objective on shares of Olin from $57.00 to $56.00 and set an "overweight" rating on the stock in a research report on Monday, October 28th. Wells Fargo & Company lowered their price target on Olin from $48.00 to $44.00 and set an "equal weight" rating on the stock in a report on Monday, October 28th. BMO Capital Markets cut their price objective on Olin from $50.00 to $47.00 and set a "market perform" rating for the company in a report on Tuesday, October 29th. Royal Bank of Canada lowered their target price on Olin from $52.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, October 29th. Finally, Piper Sandler cut their price target on Olin from $57.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, October 30th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $51.71.

Olin Price Performance

NYSE OLN traded down $0.78 on Friday, hitting $37.31. The stock had a trading volume of 2,965,336 shares, compared to its average volume of 1,223,423. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. Olin has a 52-week low of $36.56 and a 52-week high of $60.60. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 30.09, a price-to-earnings-growth ratio of 1.54 and a beta of 1.43. The firm has a 50-day moving average of $43.30 and a 200-day moving average of $45.18.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.14%. Olin's payout ratio is currently 64.52%.

Olin declared that its board has initiated 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 buy up to 45% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares of the company's stock, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Olin

A number of institutional investors have recently made changes to their positions in OLN. Farther Finance Advisors LLC increased its position in shares of Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock worth $28,000 after acquiring an additional 276 shares in the last quarter. nVerses Capital LLC acquired a new stake in Olin in the 2nd quarter valued at $33,000. Covestor Ltd increased its holdings in Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock valued at $44,000 after purchasing an additional 715 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Olin in the third quarter valued at about $47,000. Finally, Denver PWM LLC acquired a new position in shares of Olin during the second quarter worth about $59,000. 88.67% of the stock is owned by institutional investors and hedge funds.

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.