Olin (NYSE:OLN) Shares Down 5.6% Following Analyst Downgrade

Olin Corporation (NYSE:OLN)’s share price traded down 5.6% during trading on Tuesday after Bank of America downgraded the stock from a buy rating to an underperform rating. Bank of America now has a $21.00 price target on the stock, down from their previous price target of $32.00. Olin traded as low as $19.64 and last traded at $19.6460. Approximately 1,560,065 shares were traded during mid-day trading, a decline of 47% from the average session volume of 2,925,810 shares. The stock had previously closed at $20.82.

A number of other research firms also recently commented on OLN. Mizuho increased their target price on Olin from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, March 31st. Wall Street Zen cut shares of Olin from a “hold” rating to a “sell” rating in a research note on Saturday. Truist Financial upped their target price on shares of Olin from $20.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $37.00 price target on shares of Olin in a research report on Sunday, May 10th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Olin presently has a consensus rating of “Hold” and a consensus price target of $27.31.

Institutional Investors Weigh In On Olin

Institutional investors have recently made changes to their positions in the company. Values First Advisors Inc. raised its holdings in Olin by 3.4% in the 1st quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company’s stock worth $384,000 after purchasing an additional 425 shares during the period. Covestor Ltd boosted its position in Olin by 10.6% during the fourth quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock worth $108,000 after purchasing an additional 497 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Olin by 2.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company’s stock valued at $693,000 after purchasing an additional 500 shares during the period. Madison Asset Management LLC grew its holdings in Olin by 0.6% in the fourth quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company’s stock valued at $2,033,000 after purchasing an additional 555 shares during the period. Finally, First Citizens Bank & Trust Co. increased its position in shares of Olin by 2.0% in the first quarter. First Citizens Bank & Trust Co. now owns 31,230 shares of the specialty chemicals company’s stock valued at $928,000 after buying an additional 609 shares in the last quarter. Institutional investors own 88.67% of the company’s stock.

Olin Price Performance

The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $2.24 billion, a PE ratio of -17.56 and a beta of 1.17. The stock has a 50-day moving average price of $25.48 and a 200 day moving average price of $24.75.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.1%. Olin’s dividend payout ratio is presently -71.43%.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.