Olin (NYSE:OLN) Given New $41.00 Price Target at Piper Sandler

Olin (NYSE:OLN - Get Free Report) had its target price dropped by research analysts at Piper Sandler from $51.00 to $41.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the specialty chemicals company's stock. Piper Sandler's price target indicates a potential upside of 27.53% from the stock's current price.

OLN has been the topic of several other research reports. Royal Bank of Canada decreased their price target on shares of Olin from $52.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 29th. Citigroup decreased their target price on Olin from $48.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, December 16th. Wells Fargo & Company cut their price target on Olin from $48.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. BMO Capital Markets decreased their price objective on Olin from $50.00 to $47.00 and set a "market perform" rating on the stock in a report on Tuesday, October 29th. Finally, KeyCorp cut their target price on shares of Olin from $57.00 to $56.00 and set an "overweight" rating for the company in a report on Monday, October 28th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Olin currently has a consensus rating of "Hold" and a consensus price target of $49.43.

Olin Price Performance

OLN traded down $0.52 during trading on Tuesday, reaching $32.15. 1,388,754 shares of the company traded hands, compared to its average volume of 1,663,437. The company has a market cap of $3.75 billion, a P/E ratio of 25.93, a PEG ratio of 1.51 and a beta of 1.48. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. Olin has a 12-month low of $31.93 and a 12-month high of $60.60. The firm has a fifty day simple moving average of $39.13 and a 200 day simple moving average of $43.02.

Olin announced that its Board of Directors has authorized a stock repurchase program 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 repurchase up to 45% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now owns 24,056 shares in the company, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Olin

A number of institutional investors have recently modified their holdings of OLN. Pzena Investment Management LLC lifted its holdings in Olin by 24.8% during the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company's stock worth $165,661,000 after buying an additional 685,710 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company's stock valued at $424,095,000 after purchasing an additional 531,330 shares in the last quarter. AQR Capital Management LLC grew its stake in Olin by 429.8% in the second quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company's stock valued at $28,769,000 after purchasing an additional 494,976 shares during the last quarter. Verition Fund Management LLC raised its holdings in Olin by 70.9% in the third quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company's stock worth $26,140,000 after purchasing an additional 225,930 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of 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 valued at $176,396,000 after buying an additional 194,755 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other 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.