Olin (NYSE:OLN) Price Target Cut to $26.00 by Analysts at Piper Sandler

Olin (NYSE:OLN) had its price objective dropped by research analysts at Piper Sandler from $33.00 to $26.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty chemicals company’s stock. Piper Sandler’s price target points to a potential upside of 35.17% from the company’s previous close.

Several other equities analysts also recently issued reports on the stock. UBS Group set a $28.00 price target on shares of Olin in a report on Thursday, February 27th. Citigroup reduced their target price on shares of Olin from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, March 27th. Barclays dropped their price target on shares of Olin from $34.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 1st. Bank of America upgraded Olin from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $48.00 to $40.00 in a research report on Tuesday, January 14th. Finally, Truist Financial cut their target price on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Olin presently has a consensus rating of “Hold” and an average price target of $36.25.

Olin Stock Down 4.3 %

OLN stock traded down $0.87 during mid-day trading on Monday, hitting $19.24. 173,611 shares of the company were exchanged, compared to its average volume of 1,471,971. The company has a market capitalization of $2.21 billion, a PE ratio of 20.98 and a beta of 1.50. Olin has a twelve month low of $18.71 and a twelve month high of $59.31. The firm has a fifty day simple moving average of $26.27 and a 200 day simple moving average of $35.39. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share 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, research analysts forecast that Olin will post 1.38 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has authorized a share buyback program on Thursday, December 12th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the business’s stock in a transaction 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 purchase, the chief executive officer now directly owns 7,250 shares in the company, valued at $203,435. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd boosted its position in Olin by 45.8% during the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 419 shares during the period. Spire Wealth Management boosted its holdings in shares of Olin by 246.8% during the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after purchasing an additional 1,150 shares during the period. CoreFirst Bank & Trust purchased a new position in Olin during the fourth quarter valued at approximately $66,000. Jones Financial Companies Lllp increased its stake in Olin by 59.9% in the 4th 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. 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 valued at $98,000 after buying an additional 738 shares during the period. 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.