Olin (NYSE:OLN) Downgraded to "Sector Perform" Rating by Royal Bank of Canada

Olin (NYSE:OLN - Get Free Report) was downgraded by investment analysts at Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a report issued on Tuesday, Marketbeat Ratings reports. They presently have a $30.00 price objective on the specialty chemicals company's stock, down from their previous price objective of $45.00. Royal Bank of Canada's target price would suggest a potential upside of 6.27% from the stock's current price.

OLN has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Olin from $51.00 to $41.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Bank of America raised Olin from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $48.00 to $40.00 in a report on Tuesday, January 14th. Citigroup lowered their price target on Olin from $48.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, December 16th. 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. Finally, KeyCorp lowered their target price on Olin from $50.00 to $40.00 and set an "overweight" 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $40.94.

Olin Stock Performance

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

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, beating 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%. As a group, sell-side analysts expect that Olin will post 2.47 EPS for the current year.

Olin declared that its Board of Directors has authorized a share repurchase plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Olin

In other news, CEO Kenneth Todd Lane acquired 7,250 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average cost of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the acquisition, the chief executive officer now owns 7,250 shares in the company, valued at approximately $203,435. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OLN. Farther Finance Advisors LLC increased its holdings in Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company's stock worth $28,000 after buying an additional 276 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Olin by 26.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company's stock worth $75,000 after acquiring an additional 318 shares in the last quarter. Entropy Technologies LP increased its stake in shares of Olin by 2.5% during the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company's stock worth $648,000 after purchasing an additional 332 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Olin by 3.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company's stock valued at $568,000 after purchasing an additional 350 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its stake in shares of Olin by 9.4% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company's stock valued at $197,000 after purchasing an additional 500 shares during the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

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.