Truist Financial Cuts Olin (NYSE:OLN) Price Target to $24.00

Olin (NYSE:OLN) had its price target trimmed by Truist Financial from $26.00 to $24.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a hold rating on the specialty chemicals company’s stock.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley upped their target price on Olin from $18.00 to $22.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Wall Street Zen lowered Olin from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Bank of America cut Olin from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $32.00 to $21.00 in a report on Tuesday, June 30th. Zacks Research upgraded Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Finally, JPMorgan Chase & Co. reduced their price objective on Olin from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $26.46.

Olin Stock Performance

NYSE OLN opened at $24.23 on Monday. The firm’s 50 day simple moving average is $23.38 and its 200 day simple moving average is $24.78. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -21.63 and a beta of 1.21. The company has a current ratio of 1.36, a quick ratio of 0.82 and a debt-to-equity ratio of 1.73. Olin has a 1 year low of $18.08 and a 1 year high of $30.46.

Olin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were given a $0.20 dividend. The ex-dividend date was Thursday, May 14th. This represents a $0.80 dividend on an annualized basis and a yield of 3.3%. Olin’s dividend payout ratio (DPR) is currently -71.43%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Orbis Allan Gray Ltd lifted its stake in shares of Olin by 448.9% in the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after acquiring an additional 3,111,393 shares during the last quarter. Millennium Management LLC grew its position in Olin by 1,063.0% during the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after acquiring an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC grew its position in Olin by 141.3% during the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after acquiring an additional 1,126,809 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Olin by 22.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after purchasing an additional 1,031,498 shares in the last quarter. Finally, Amundi acquired a new position in Olin in the 3rd quarter worth about $24,418,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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.