Olin (NYSE:OLN) Reaches New 12-Month Low Following Analyst Downgrade

Olin Co. (NYSE:OLN - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday after BMO Capital Markets lowered their price target on the stock from $44.00 to $34.00. BMO Capital Markets currently has a market perform rating on the stock. Olin traded as low as $26.48 and last traded at $26.67, with a volume of 2845790 shares changing hands. The stock had previously closed at $27.72.

A number of other analysts have also weighed in on OLN. UBS Group cut their target price on shares of Olin from $35.00 to $34.00 and set a "neutral" rating on the stock in a research report on Friday, January 31st. Bank of America raised Olin from a "neutral" rating to a "buy" rating and cut their price objective for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. Citigroup dropped their target price on Olin from $48.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, December 16th. Truist Financial reduced their price target on Olin from $38.00 to $32.00 and set a "hold" rating on the stock in a report on Monday, February 3rd. Finally, Barclays lowered their price objective on Olin from $43.00 to $34.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Olin currently has a consensus rating of "Hold" and an average price target of $40.94.

Insiders Place Their Bets

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

Institutional Trading of Olin

Large investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted 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 acquiring an additional 276 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company's stock worth $44,000 after purchasing an additional 715 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Olin in the 3rd quarter valued at $47,000. Spire Wealth Management increased its stake in Olin by 246.8% during the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company's stock valued at $55,000 after purchasing an additional 1,150 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Olin by 26.2% during 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 buying an additional 318 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Olin Price Performance

The stock has a market capitalization of $3.29 billion, a P/E ratio of 31.37, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45. The business's 50 day simple moving average is $34.03 and its two-hundred day simple moving average is $40.36. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (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 forecast that Olin Co. will post 1.83 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has initiated a stock buyback 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 reacquire up to 45% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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.