Olin (NYSE:OLN) Hits New 52-Week Low – Here’s Why

Olin Co. (NYSE:OLN) reached a new 52-week low on Thursday . The company traded as low as $31.13 and last traded at $31.80, with a volume of 1552569 shares. The stock had previously closed at $32.13.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays dropped their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Friday, December 13th. Wells Fargo & Company cut their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. BMO Capital Markets lowered their target price on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. KeyCorp dropped their target price on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, Royal Bank of Canada reduced their price target on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Olin currently has a consensus rating of “Hold” and a consensus price target of $49.43.

Olin Trading Down 1.0 %

The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The firm’s 50 day simple moving average is $38.77 and its two-hundred day simple moving average is $42.83. The stock has a market cap of $3.71 billion, a P/E ratio of 25.65, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, November 14th. Olin’s payout ratio is 64.52%.

Olin declared that its board has initiated a share buyback plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of the company’s 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 transaction, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the last quarter. Covestor Ltd boosted its position in Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Olin in the third quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 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 valued at $75,000 after purchasing an additional 318 shares during the period. Finally, UMB Bank n.a. raised its stake in shares of Olin by 4,862.5% during the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 1,556 shares in the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

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.