Olin (NYSE:OLN) Lowered to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Olin (NYSE:OLN - Free Report) from an overweight rating to a neutral rating in a report released on Thursday, Marketbeat Ratings reports. They currently have $28.00 price target on the specialty chemicals company's stock, down from their prior price target of $50.00.

Several other analysts have also recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Olin from $31.00 to $28.00 and set an "underweight" rating for the company in a research note on Tuesday, February 4th. Bank of America upgraded Olin from a "neutral" rating to a "buy" rating and dropped their price target for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. Royal Bank of Canada cut Olin from an "outperform" rating to a "sector perform" rating and dropped their target price for the company from $45.00 to $30.00 in a report on Tuesday, February 4th. Barclays reiterated an "equal weight" rating on shares of Olin in a report on Monday, February 3rd. Finally, Truist Financial dropped their price objective on shares of Olin from $38.00 to $32.00 and set a "hold" rating for the company in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $38.38.

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Olin Price Performance

NYSE:OLN traded up $0.24 during trading hours on Thursday, hitting $25.30. 2,347,887 shares of the stock were exchanged, compared to its average volume of 1,788,307. 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 $24.49 and a 52-week high of $60.60. The company has a market cap of $2.92 billion, a P/E ratio of 28.11 and a beta of 1.45. The firm's fifty day moving average price is $30.66 and its 200 day moving average price is $38.67.

Olin (NYSE:OLN - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping 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%. As a group, equities research analysts anticipate that Olin will post 1.38 EPS for the current fiscal year.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, March 6th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 3.16%. Olin's dividend payout ratio is currently 88.89%.

Olin announced that its Board of Directors has initiated a stock buyback program on Thursday, December 12th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of Olin stock in a transaction on Tuesday, February 4th. The shares were bought at an average price of $28.06 per share, with a total value of $203,435.00. Following the transaction, the chief executive officer now directly owns 7,250 shares of the company's stock, valued at approximately $203,435. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Olin

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC increased its position in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock worth $28,000 after purchasing an additional 276 shares in the last quarter. Covestor Ltd lifted its holdings in Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock valued at $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Olin in the 3rd quarter valued at about $47,000. Spire Wealth Management increased its holdings 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 buying an additional 1,150 shares in the last quarter. Finally, CoreFirst Bank & Trust purchased a new position in shares of Olin in the fourth quarter valued at $66,000. 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.