Olin (NYSE:OLN) Shares Gap Down - Here's Why

Olin Co. (NYSE:OLN - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $45.04, but opened at $41.96. Olin shares last traded at $41.76, with a volume of 931,775 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OLN. KeyCorp cut their price objective on Olin from $62.00 to $57.00 and set an "overweight" rating for the company in a research report on Monday, October 7th. Piper Sandler reduced their target price on shares of Olin from $75.00 to $57.00 and set an "overweight" rating for the company in a research note on Tuesday, July 30th. Mizuho started coverage on shares of Olin in a research report on Thursday, August 8th. They set a "neutral" rating and a $45.00 price target on the stock. Bank of America lowered Olin from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $62.00 to $51.00 in a research report on Monday, July 29th. Finally, BMO Capital Markets began coverage on Olin in a report on Tuesday, September 3rd. They issued a "market perform" rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $52.40.

Olin Price Performance

The firm has a 50 day moving average price of $44.81 and a 200-day moving average price of $48.33. The firm has a market capitalization of $4.95 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 1.12 and a beta of 1.41. The company has a current ratio of 1.43, a quick ratio of 0.82 and a debt-to-equity ratio of 1.29.

Olin (NYSE:OLN - Get Free Report) last released its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.08). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.71 billion. Olin had a return on equity of 11.73% and a net margin of 4.26%. The firm's revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business posted $1.13 EPS. On average, analysts expect that Olin Co. will post 1.58 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Boston Partners raised its holdings in shares of Olin by 7.7% during the first quarter. Boston Partners now owns 5,414,265 shares of the specialty chemicals company's stock valued at $317,897,000 after purchasing an additional 384,888 shares during the period. Dimensional Fund Advisors LP boosted its stake in Olin by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company's stock worth $176,396,000 after buying an additional 194,755 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Olin by 2.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,373,519 shares of the specialty chemicals company's stock worth $64,761,000 after acquiring an additional 33,143 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Olin by 2.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,061,001 shares of the specialty chemicals company's stock worth $50,907,000 after buying an additional 25,163 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Olin by 4.8% in the 1st quarter. Clearbridge Investments LLC now owns 777,658 shares of the specialty chemicals company's stock valued at $45,726,000 after purchasing an additional 35,637 shares during the last quarter. 88.67% of the stock is owned by 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.