Olin (NYSE:OLN) Downgraded to Neutral Rating by Piper Sandler

Olin (NYSE:OLN - Get Free Report) was downgraded by investment analysts at Piper Sandler from an "overweight" rating to a "neutral" rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They currently have a $33.00 price target on the specialty chemicals company's stock, down from their previous price target of $41.00. Piper Sandler's target price suggests a potential upside of 19.05% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada lowered shares of Olin from an "outperform" rating to a "sector perform" rating and reduced their price target for the company from $45.00 to $30.00 in a research report on Tuesday, February 4th. Citigroup reduced their price objective on Olin from $48.00 to $45.00 and set a "buy" rating for the company in a research note on Monday, December 16th. Truist Financial decreased their target price on Olin from $38.00 to $32.00 and set a "hold" rating on the stock in a report on Monday, February 3rd. Bank of America raised Olin from a "neutral" rating to a "buy" rating and cut their price target for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. Finally, Morgan Stanley decreased their price objective on Olin from $31.00 to $28.00 and set an "underweight" rating on the stock in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $40.44.

Olin Stock Performance

Olin stock traded down $0.15 during midday trading on Thursday, reaching $27.72. 1,525,613 shares of the company traded hands, compared to its average volume of 1,829,069. Olin has a 12 month low of $26.48 and a 12 month high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. The business has a 50 day moving average of $32.64 and a two-hundred day moving average of $39.69. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of 30.80, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45.

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 for the quarter, beating 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, research analysts predict that Olin will post 1.83 earnings per share for the current year.

Olin declared that its Board of Directors has authorized a share 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 buy up to 45% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Activity at Olin

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the company's stock in a transaction on Tuesday, February 4th. The stock was acquired at an average price of $28.06 per share, with a total value of $203,435.00. Following the acquisition, 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 purchase was disclosed in a filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Olin

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in Olin by 34.3% in the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company's stock worth $98,000 after acquiring an additional 738 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Olin by 55.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company's stock worth $4,835,000 after purchasing an additional 51,051 shares during the last quarter. Segall Bryant & Hamill LLC bought a new stake in Olin in the third quarter worth $916,000. Charles Schwab Investment Management Inc. raised its stake in Olin by 2.9% during the third 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, KBC Group NV lifted its position in Olin by 82.9% during the fourth quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company's stock valued at $185,000 after purchasing an additional 2,476 shares during the last quarter. 88.67% of the stock is currently owned by hedge funds and other institutional investors.

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.