Olin (NYSE:OLN) Given New $50.00 Price Target at KeyCorp

Olin (NYSE:OLN - Free Report) had its price objective trimmed by KeyCorp from $56.00 to $50.00 in a report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the specialty chemicals company's stock.

Other analysts also recently issued research reports about the company. Citigroup cut their target price on Olin from $48.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, December 16th. 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 research note on Tuesday, October 29th. BMO Capital Markets decreased their target price on shares of Olin from $50.00 to $47.00 and set a "market perform" rating for the company in a research report on Tuesday, October 29th. Piper Sandler lowered their target price on shares of Olin from $51.00 to $41.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company reduced their price target on shares of Olin from $48.00 to $44.00 and set an "equal weight" rating for the company in a research note on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Olin presently has an average rating of "Hold" and a consensus price target of $49.00.

Olin Stock Performance

Olin stock traded down $0.77 during midday trading on Friday, reaching $31.02. 1,365,242 shares of the stock traded hands, compared to its average volume of 1,595,238. Olin has a fifty-two week low of $30.95 and a fifty-two week high of $60.60. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 25.02, a PEG ratio of 1.51 and a beta of 1.48. The firm has a fifty day moving average price of $38.59 and a two-hundred day moving average price of $42.75.

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

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.58%. Olin's dividend payout ratio (DPR) is 64.52%.

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 dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.60% of the company's stock.

Institutional Trading of Olin

A number of hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC boosted its position in Olin by 5.5% during the second quarter. Commonwealth Equity Services LLC now owns 28,731 shares of the specialty chemicals company's stock valued at $1,355,000 after purchasing an additional 1,490 shares during the last quarter. Headlands Technologies LLC grew its stake in shares of Olin by 493.6% in the 2nd quarter. Headlands Technologies LLC now owns 6,993 shares of the specialty chemicals company's stock valued at $330,000 after buying an additional 5,815 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new position in Olin in the second quarter worth approximately $906,000. Federated Hermes Inc. raised its position in Olin by 9.5% during the second quarter. Federated Hermes Inc. now owns 17,475 shares of the specialty chemicals company's stock valued at $824,000 after acquiring an additional 1,517 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Olin by 4.6% in the second quarter. Envestnet Asset Management Inc. now owns 97,906 shares of the specialty chemicals company's stock valued at $4,616,000 after acquiring an additional 4,345 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

About Olin

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.