Citigroup Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN - Free Report) had its price target lowered by Citigroup from $34.00 to $30.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the specialty chemicals company's stock.

A number of other equities research analysts have also recently issued reports on the stock. KeyCorp dropped their target price on shares of Olin from $50.00 to $40.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. BMO Capital Markets dropped their price objective on shares of Olin from $44.00 to $34.00 and set a "market perform" rating for the company in a report on Wednesday, February 5th. Royal Bank of Canada cut shares of Olin from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from $45.00 to $30.00 in a research report on Tuesday, February 4th. Piper Sandler lowered shares of Olin from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $41.00 to $33.00 in a research report on Thursday, February 13th. Finally, Morgan Stanley lowered their price target on shares of Olin from $31.00 to $28.00 and set an "underweight" rating for the company in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Olin currently has an average rating of "Hold" and an average target price of $37.44.

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Olin Price Performance

NYSE OLN traded down $0.35 on Thursday, reaching $24.22. The company's stock had a trading volume of 2,008,370 shares, compared to its average volume of 1,457,270. The firm has a market cap of $2.79 billion, a PE ratio of 26.91 and a beta of 1.61. 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 52 week low of $22.98 and a 52 week high of $60.60. The business has a 50-day moving average price of $27.33 and a 200 day moving average price of $36.09.

Olin (NYSE:OLN - Get Free Report) 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%. Sell-side analysts expect that Olin will post 1.38 EPS for the current year.

Olin declared that its Board of Directors has initiated a share buyback 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 typically 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, March 14th. Investors of record on Thursday, March 6th were given a $0.20 dividend. The ex-dividend date was Thursday, March 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.30%. Olin's dividend payout ratio is 88.89%.

Insider Buying and Selling at Olin

In other Olin news, CEO Kenneth Todd Lane bought 7,250 shares of the firm's stock in a transaction on Tuesday, February 4th. The stock was purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the purchase, the chief executive officer now owns 7,250 shares in the company, valued at approximately $203,435. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Olin

Several institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd increased its holdings in Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock worth $45,000 after purchasing an additional 419 shares in the last quarter. Spire Wealth Management grew its stake in Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock valued at $55,000 after purchasing an additional 1,150 shares in the last quarter. CoreFirst Bank & Trust acquired a new stake in shares of Olin in the 4th quarter valued at approximately $66,000. Jones Financial Companies Lllp lifted its stake in Olin by 59.9% in the fourth quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company's stock valued at $82,000 after acquiring an additional 911 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Olin by 34.3% in the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company's stock valued at $98,000 after purchasing an additional 738 shares during the last quarter. 88.67% of the stock is currently 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.