Wells Fargo & Company Downgrades Olin (NYSE:OLN) to Hold

Olin (NYSE:OLN) was downgraded by investment analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

OLN has been the subject of several other reports. UBS Group dropped their target price on Olin from $23.00 to $21.00 and set a “neutral” rating for the company in a report on Monday. Mizuho raised their target price on shares of Olin from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Bank of America lowered shares of Olin from a “buy” rating to an “underperform” rating and lowered their price target for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. JPMorgan Chase & Co. cut their price target on shares of Olin from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. Finally, Wall Street Zen cut shares of Olin from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $23.08.

Olin Price Performance

Shares of NYSE:OLN opened at $19.06 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. The stock has a market cap of $2.17 billion, a PE ratio of -15.49 and a beta of 1.22. The company’s fifty day moving average is $22.43 and its 200 day moving average is $24.69. Olin has a 52 week low of $17.73 and a 52 week high of $30.46.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. grew its holdings in Olin by 115.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Olin during the first quarter valued at approximately $32,000. Sunbelt Securities Inc. bought a new stake in shares of Olin in the 1st quarter worth approximately $45,000. UMB Bank n.a. boosted its position in shares of Olin by 34.0% in the 4th quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock worth $54,000 after purchasing an additional 659 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Olin by 45.0% in the 3rd quarter. NewEdge Advisors LLC now owns 2,323 shares of the specialty chemicals company’s stock worth $58,000 after buying an additional 721 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors.

Olin Company Profile

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.