Olin (NYSE:OLN) Given New $28.00 Price Target at Morgan Stanley

Olin (NYSE:OLN - Free Report) had its price target cut by Morgan Stanley from $31.00 to $28.00 in a report released on Tuesday,Benzinga reports. They currently have an underweight rating on the specialty chemicals company's stock.

Other research analysts have also issued research reports about the company. Barclays cut their price objective on Olin from $43.00 to $34.00 and set an "equal weight" rating for the company in a report on Monday. Wells Fargo & Company reduced their target price on Olin from $40.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Monday. Citigroup dropped their price target on Olin from $48.00 to $45.00 and set a "buy" rating for the company in a research note on Monday, December 16th. BMO Capital Markets reduced their price objective on Olin from $50.00 to $47.00 and set a "market perform" rating on the stock in a research report on Tuesday, October 29th. Finally, Truist Financial decreased their price objective on Olin from $38.00 to $32.00 and set a "hold" rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Olin has a consensus rating of "Hold" and an average price target of $40.94.

Olin Price Performance

NYSE OLN traded down $0.23 on Tuesday, hitting $28.23. The stock had a trading volume of 1,565,381 shares, compared to its average volume of 1,854,079. The firm has a 50-day moving average of $34.32 and a 200-day moving average of $40.55. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 31.37, a price-to-earnings-growth ratio of 0.69 and a beta of 1.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. Olin has a 52-week low of $26.48 and a 52-week high of $60.60.

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 analysts' consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. Equities analysts expect that Olin will post 2.47 EPS for the current year.

Olin declared that its Board of Directors has approved a stock 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 purchase up to 45% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Insider Transactions at Olin

In other Olin news, CEO Kenneth Todd Lane purchased 7,250 shares of Olin stock in a transaction that occurred on Tuesday, February 4th. The shares were bought at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the acquisition, the chief executive officer now directly owns 7,250 shares in the company, valued at approximately $203,435. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Olin

Several hedge funds have recently made changes to their positions in OLN. Hotchkis & Wiley Capital Management LLC boosted its holdings in Olin by 6.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company's stock valued at $424,095,000 after acquiring an additional 531,330 shares in the last quarter. Pzena Investment Management LLC boosted its stake in shares of Olin by 7.4% during the 4th quarter. Pzena Investment Management LLC now owns 3,709,611 shares of the specialty chemicals company's stock valued at $125,385,000 after purchasing an additional 256,903 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Olin by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,353,907 shares of the specialty chemicals company's stock valued at $45,762,000 after buying an additional 58,208 shares during the period. Bank of New York Mellon Corp increased its position in shares of Olin by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,305,521 shares of the specialty chemicals company's stock valued at $44,127,000 after buying an additional 97,980 shares during the period. Finally, Franklin Resources Inc. raised its stake in Olin by 19.2% in the third 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 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.