BMO Capital Markets Lowers Olin (NYSE:OLN) Price Target to $34.00

Olin (NYSE:OLN - Get Free Report) had its target price lowered by stock analysts at BMO Capital Markets from $44.00 to $34.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "market perform" rating on the specialty chemicals company's stock. BMO Capital Markets' price target points to a potential upside of 20.44% from the company's current price.

A number of other research analysts also recently commented on OLN. Barclays dropped their price objective on shares of Olin from $43.00 to $34.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. UBS Group cut their price target on shares of Olin from $35.00 to $34.00 and set a "neutral" rating on the stock in a research note on Friday, January 31st. Bank of America raised shares of Olin from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. Piper Sandler cut their target price on Olin from $51.00 to $41.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company lowered their price target on Olin from $40.00 to $31.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Olin has a consensus rating of "Hold" and an average target price of $40.94.

Olin Price Performance

Shares of OLN stock traded down $0.23 during mid-day trading on Wednesday, reaching $28.23. The stock had a trading volume of 1,565,381 shares, compared to its average volume of 1,829,069. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The business has a 50-day simple moving average of $34.03 and a 200 day simple moving average of $40.36. Olin has a 12-month low of $26.48 and a 12-month high of $60.60. The company has a market cap of $3.29 billion, a P/E ratio of 31.37, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, topping 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, sell-side analysts anticipate that Olin will post 1.83 earnings per share for the current year.

Olin declared that its board has approved a stock buyback program on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insider Activity at Olin

In other news, CEO Kenneth Todd Lane acquired 7,250 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were purchased at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the purchase, the chief executive officer now directly owns 7,250 shares of the company's stock, valued at $203,435. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Olin

Several institutional investors have recently added to or reduced their stakes in OLN. Pzena Investment Management LLC lifted its holdings in Olin by 24.8% in the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company's stock worth $165,661,000 after acquiring an additional 685,710 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of Olin by 6.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company's stock worth $424,095,000 after purchasing an additional 531,330 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Olin by 70.9% in the 3rd quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company's stock worth $26,140,000 after purchasing an additional 225,930 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Olin during the 4th quarter valued at approximately $6,779,000. Finally, Franklin Resources Inc. grew its stake in Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company's stock worth $51,015,000 after buying an additional 172,768 shares during the last quarter. Institutional investors own 88.67% of the company's stock.

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.