Olin (NYSE:OLN) Downgraded by Bank of America

Bank of America downgraded shares of Olin (NYSE:OLN) from a buy rating to a neutral rating in a research report report published on Monday, MarketBeat reports. They currently have $51.00 price target on the specialty chemicals company’s stock, down from their prior price target of $62.00.

Several other brokerages have also recently issued reports on OLN. UBS Group decreased their price objective on Olin from $59.00 to $51.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. KeyCorp decreased their price objective on Olin from $69.00 to $62.00 and set an overweight rating for the company in a research note on Monday. Royal Bank of Canada decreased their price objective on Olin from $61.00 to $52.00 and set an outperform rating for the company in a research note on Monday. Piper Sandler lifted their price objective on Olin from $72.00 to $75.00 and gave the company an overweight rating in a research note on Monday, April 29th. Finally, JPMorgan Chase & Co. upgraded Olin from a neutral rating to an overweight rating and set a $55.00 price objective for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin has a consensus rating of Hold and a consensus price target of $53.86.

Olin Stock Performance

NYSE OLN opened at $44.45 on Monday. The company has a market cap of $5.22 billion, a P/E ratio of 15.99, a P/E/G ratio of 0.85 and a beta of 1.44. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.43 and a quick ratio of 0.82. The stock has a 50-day moving average of $48.86 and a two-hundred day moving average of $52.52. Olin has a 1-year low of $41.71 and a 1-year high of $60.60.

Olin (NYSE:OLN) last released its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.08). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.71 billion. Olin had a net margin of 4.26% and a return on equity of 11.73%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.13 earnings per share. As a group, analysts anticipate that Olin will post 1.87 EPS for the current year.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 8th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, August 8th. Olin’s dividend payout ratio is currently 28.78%.

Institutional Investors Weigh In On Olin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OLN. Boston Partners lifted its stake in Olin by 122.8% in the fourth quarter. Boston Partners now owns 5,029,377 shares of the specialty chemicals company’s stock valued at $271,152,000 after buying an additional 2,772,274 shares during the last quarter. Norges Bank purchased a new stake in Olin in the fourth quarter valued at approximately $76,125,000. Balyasny Asset Management L.P. lifted its stake in Olin by 218.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,649,273 shares of the specialty chemicals company’s stock valued at $88,978,000 after buying an additional 1,131,674 shares during the last quarter. Franklin Resources Inc. lifted its stake in Olin by 67.6% in the fourth quarter. Franklin Resources Inc. now owns 663,202 shares of the specialty chemicals company’s stock valued at $35,780,000 after buying an additional 267,460 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new stake in Olin in the fourth quarter valued at approximately $12,628,000. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.