Olin (NYSE:OLN) Trading Down 7% – Here’s Why

Olin Corporation (NYSE:OLN) shares were down 7% during trading on Tuesday . The stock traded as low as $23.67 and last traded at $24.0580. Approximately 1,289,548 shares were traded during trading, a decline of 63% from the average daily volume of 3,465,369 shares. The stock had previously closed at $25.88.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OLN. KeyCorp lowered their price target on Olin from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, February 2nd. Morgan Stanley lowered their price objective on shares of Olin from $20.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. Truist Financial dropped their price target on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, February 2nd. Zacks Research downgraded Olin from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 29th. Finally, UBS Group set a $21.00 price target on Olin in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Olin currently has an average rating of “Hold” and an average target price of $23.20.

Olin Price Performance

The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.46. The firm has a market cap of $2.72 billion, a P/E ratio of -62.74 and a beta of 1.64. The business’s 50 day moving average is $22.62 and its two-hundred day moving average is $22.37.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.58). The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. Olin had a negative return on equity of 0.47% and a negative net margin of 0.63%.The business’s revenue was down .4% compared to the same quarter last year. During the same period last year, the business posted $0.09 EPS. As a group, analysts anticipate that Olin Corporation will post 1.38 earnings per share for the current year.

Insider Buying and Selling at Olin

In other Olin news, CFO Todd A. Slater sold 92,250 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the transaction, the chief financial officer directly owned 44,291 shares in the company, valued at approximately $995,661.68. This represents a 67.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP R Nichole Sumner sold 4,750 shares of Olin stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $22.49, for a total transaction of $106,827.50. Following the completion of the sale, the vice president owned 24,771 shares of the company’s stock, valued at $557,099.79. This represents a 16.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 101,500 shares of company stock valued at $2,274,478. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Olin

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Strategic Advocates LLC bought a new stake in Olin in the 3rd quarter valued at about $25,000. Evelyn Partners Investment Management LLP grew its position in Olin by 6,360.0% in the 2nd quarter. Evelyn Partners Investment Management LLP now owns 1,615 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 1,590 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Olin during the 1st quarter valued at $32,000. Bessemer Group Inc. lifted its stake in shares of Olin by 712.7% in the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock valued at $34,000 after buying an additional 1,176 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Olin by 114.0% during the third quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after buying an additional 927 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.

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.