BidaskClub downgraded shares of Olin Corporation (NYSE:OLN) from a buy rating to a hold rating in a research report sent to investors on Friday, July 28th.
OLN has been the topic of a number of other research reports. Royal Bank Of Canada restated a buy rating and issued a $35.00 target price on shares of Olin Corporation in a report on Tuesday, May 16th. Zacks Investment Research raised shares of Olin Corporation from a sell rating to a hold rating in a research report on Thursday, April 20th. Cowen and Company reissued an outperform rating and set a $39.00 target price (up from $37.00) on shares of Olin Corporation in a research report on Thursday, June 22nd. Bank of America Corporation began coverage on shares of Olin Corporation in a report on Monday, May 8th. They issued a buy rating and a $40.00 price objective for the company. Finally, Tudor Pickering began coverage on shares of Olin Corporation in a report on Friday, May 12th. They issued a buy rating and a $37.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $32.75.
Shares of Olin Corporation (NYSE OLN) opened at 30.57 on Friday. Olin Corporation has a 52 week low of $18.24 and a 52 week high of $33.88. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 118.95 and a beta of 1.43. The firm’s 50-day moving average price is $30.44 and its 200-day moving average price is $30.80.
Olin Corporation (NYSE:OLN) last announced its quarterly earnings data on Monday, July 31st. The specialty chemicals company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.15. Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the prior year, the company posted $0.24 EPS. Olin Corporation’s revenue for the quarter was up 11.9% on a year-over-year basis. Equities research analysts expect that Olin Corporation will post $1.14 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Tuesday, August 8th. Olin Corporation’s payout ratio is 320.00%.
In other Olin Corporation news, EVP John L. Mcintosh sold 16,070 shares of Olin Corporation stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total value of $498,491.40. Following the completion of the transaction, the executive vice president now directly owns 60,391 shares of the company’s stock, valued at $1,873,328.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John L. Mcintosh sold 24,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $31.54, for a total transaction of $756,960.00. Following the transaction, the executive vice president now directly owns 84,391 shares of the company’s stock, valued at $2,661,692.14. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Olin Corporation by 7,604.7% in the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock valued at $653,967,000 after buying an additional 19,637,387 shares during the period. King Street Capital Management L.P. bought a new position in Olin Corporation during the first quarter valued at approximately $65,740,000. Iridian Asset Management LLC CT increased its stake in Olin Corporation by 28.0% in the second quarter. Iridian Asset Management LLC CT now owns 7,098,169 shares of the specialty chemicals company’s stock worth $214,933,000 after buying an additional 1,553,430 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Olin Corporation by 51.8% in the first quarter. Bank of New York Mellon Corp now owns 3,176,770 shares of the specialty chemicals company’s stock worth $104,421,000 after buying an additional 1,083,395 shares during the last quarter. Finally, Columbus Circle Investors acquired a new stake in Olin Corporation during the first quarter worth about $32,179,000. Institutional investors and hedge funds own 93.02% of the company’s stock.
About Olin Corporation
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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