Olin (NYSE:OLN) Issues Quarterly Earnings Results

Olin (NYSE:OLN) announced its quarterly earnings results on Thursday. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10, Zacks reports. Olin had a return on equity of 6.19% and a net margin of 2.33%.

Olin Stock Down 1.8 %

NYSE:OLN traded down $0.58 during trading hours on Thursday, hitting $32.08. 1,839,951 shares of the company’s stock traded hands, compared to its average volume of 1,395,249. The stock’s fifty day moving average price is $35.99 and its two-hundred day moving average price is $41.36. The firm has a market cap of $3.74 billion, a P/E ratio of 25.87, a P/E/G ratio of 0.78 and a beta of 1.48. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. Olin has a twelve month low of $30.69 and a twelve month high of $60.60.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.60% of the company’s stock.

Olin announced that its Board of Directors has approved a stock buyback program on Thursday, December 12th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

OLN has been the subject of several research analyst reports. BMO Capital Markets reduced their price objective on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Truist Financial started coverage on shares of Olin in a report on Tuesday. They issued a “hold” rating and a $38.00 price objective for the company. KeyCorp lowered their price objective on shares of Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Piper Sandler cut their target price on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Bank of America upgraded Olin from a “neutral” rating to a “buy” rating and lowered their price target for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Olin presently has a consensus rating of “Hold” and a consensus price target of $46.50.

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.