Citigroup Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective decreased by investment analysts at Citigroup from $34.00 to $30.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price target would suggest a potential upside of 20.48% from the company’s previous close.

Several other equities research analysts also recently commented on OLN. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and reduced their price target for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. Morgan Stanley reduced their target price on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. KeyCorp dropped their price objective on shares of Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Wells Fargo & Company restated an “equal weight” rating on shares of Olin in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. cut Olin from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $50.00 to $28.00 in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin currently has an average rating of “Hold” and a consensus target price of $37.44.

Olin Stock Up 0.6 %

NYSE OLN traded up $0.14 on Thursday, reaching $24.90. The company had a trading volume of 434,979 shares, compared to its average volume of 1,404,107. The firm has a market capitalization of $2.87 billion, a PE ratio of 27.64 and a beta of 1.61. The firm has a 50-day moving average of $27.68 and a 200-day moving average of $36.35. Olin has a 1 year low of $22.98 and a 1 year 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.

Olin (NYSE:OLN) last posted its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. On average, equities research analysts anticipate that Olin will post 1.38 EPS for the current fiscal year.

Olin announced that its board has authorized a stock repurchase plan 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 purchase up to 45% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Olin

In related news, CEO Kenneth Todd Lane purchased 7,250 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were bought at an average cost of $28.06 per share, with a total value of $203,435.00. Following the acquisition, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Covestor Ltd boosted its holdings in Olin by 45.8% during the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 419 shares during the last quarter. Spire Wealth Management lifted its position in shares of 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 buying an additional 1,150 shares during the last quarter. CoreFirst Bank & Trust purchased a new stake in Olin during the 4th quarter worth about $66,000. Jones Financial Companies Lllp increased its position in shares of Olin by 59.9% during the fourth quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock valued at $82,000 after buying an additional 911 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock worth $98,000 after buying an additional 738 shares in the last quarter. Institutional investors own 88.67% of the company’s stock.

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.