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

Olin (NYSE:OLN - Get Free Report) had its price objective dropped by analysts at Morgan Stanley from $41.00 to $31.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "underweight" rating on the specialty chemicals company's stock. Morgan Stanley's price objective suggests a potential downside of 2.18% from the company's previous close.

Several other research firms have also weighed in on OLN. Barclays decreased their price target on Olin from $45.00 to $43.00 and set an "equal weight" rating on the stock in a report on Friday, December 13th. Royal Bank of Canada dropped their price target on shares of Olin from $52.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, October 29th. Citigroup reduced their price objective on shares of Olin from $48.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, December 16th. KeyCorp cut their target price on Olin from $56.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, BMO Capital Markets decreased their price target on Olin from $50.00 to $47.00 and set a "market perform" rating for the company in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $47.80.

Olin Trading Up 2.2 %

NYSE OLN traded up $0.69 during trading hours on Monday, hitting $31.69. 1,388,905 shares of the company were exchanged, compared to its average volume of 1,565,758. Olin has a 52 week low of $30.69 and a 52 week high of $60.60. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The stock has a 50-day moving average price of $38.39 and a 200 day moving average price of $42.55. The stock has a market cap of $3.69 billion, a PE ratio of 25.56, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48.

Olin announced that its Board of Directors has authorized a share repurchase program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated Friday, November 8th. The shares were 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 of the company's stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Olin

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of 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 worth $424,095,000 after buying an additional 531,330 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Olin by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company's stock worth $176,396,000 after purchasing an additional 194,755 shares in the last quarter. Pzena Investment Management LLC grew its stake in shares of Olin by 24.8% during the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company's stock worth $165,661,000 after purchasing an additional 685,710 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Olin by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company's stock valued at $62,168,000 after purchasing an additional 37,043 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Olin by 19.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company's stock valued at $51,015,000 after purchasing an additional 172,768 shares during the period. 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.