Citigroup Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN - Free Report) had its target price reduced by Citigroup from $48.00 to $45.00 in a report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the specialty chemicals company's stock.

A number of other equities research analysts have also recently weighed in on OLN. Royal Bank of Canada cut their price objective on shares of Olin from $52.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, October 29th. Piper Sandler reduced their price objective on Olin from $57.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, October 30th. KeyCorp dropped their target price on Olin from $57.00 to $56.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Wells Fargo & Company reduced their price target on Olin from $48.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Finally, BMO Capital Markets dropped their price target on shares of Olin from $50.00 to $47.00 and set a "market perform" rating on the stock in a research note on Tuesday, October 29th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $50.14.

Olin Stock Down 5.3 %

OLN traded down $1.97 on Monday, hitting $35.34. The company had a trading volume of 2,982,383 shares, compared to its average volume of 1,230,946. Olin has a 52-week low of $35.27 and a 52-week high of $60.60. The firm has a market capitalization of $4.12 billion, a P/E ratio of 29.03, a P/E/G ratio of 1.51 and a beta of 1.43. The stock has a fifty day simple moving average of $43.08 and a 200-day simple moving average of $44.95. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

Olin announced that its board has approved a share repurchase plan on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.26%. Olin's dividend payout ratio (DPR) is currently 64.52%.

Insider Buying and Selling at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were 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 directly owns 24,056 shares of the company's stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Olin

A number of hedge funds and other institutional investors have recently modified their holdings of OLN. Farther Finance Advisors LLC raised its holdings in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock valued at $28,000 after acquiring an additional 276 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock worth $75,000 after purchasing an additional 318 shares during the period. Scott & Selber Inc. grew its holdings in Olin by 1.7% during the 2nd quarter. Scott & Selber Inc. now owns 19,206 shares of the specialty chemicals company's stock valued at $906,000 after buying an additional 326 shares in the last quarter. Entropy Technologies LP raised its position in shares of Olin by 2.5% during the third quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company's stock valued at $648,000 after buying an additional 332 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Olin by 3.0% in the third quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company's stock worth $568,000 after buying an additional 350 shares in the last quarter. 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.