Olin (NYSE:OLN) Price Target Lowered to $62.00 at Bank of America

Olin (NYSE:OLNGet Rating) had its price objective cut by Bank of America from $69.00 to $62.00 in a research report sent to investors on Wednesday morning, The Fly reports.

OLN has been the subject of several other reports. Credit Suisse Group began coverage on Olin in a report on Tuesday, September 6th. They issued an underperform rating and a $51.00 target price for the company. Barclays reduced their price objective on Olin from $65.00 to $52.00 and set an equal weight rating for the company in a research note on Monday, July 11th. Piper Sandler reduced their price objective on Olin from $73.00 to $68.00 and set an overweight rating for the company in a research note on Wednesday. UBS Group reduced their price objective on Olin from $64.00 to $60.00 and set a buy rating for the company in a research note on Friday, July 29th. Finally, Wells Fargo & Company reduced their price objective on Olin from $78.00 to $69.00 and set an overweight rating for the company in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Olin has a consensus rating of Moderate Buy and a consensus target price of $63.75.

Olin Stock Down 1.1 %

Olin stock opened at $45.25 on Wednesday. Olin has a fifty-two week low of $43.02 and a fifty-two week high of $67.25. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 1.44. The company has a market capitalization of $6.57 billion, a P/E ratio of 4.76, a PEG ratio of 1.51 and a beta of 1.31. The stock has a 50-day simple moving average of $52.44 and a 200-day simple moving average of $54.26.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date was Tuesday, August 9th. Olin’s dividend payout ratio is currently 8.41%.

Insider Buying and Selling

In related news, COO James A. Varilek sold 3,345 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $57.81, for a total value of $193,374.45. Following the sale, the chief operating officer now owns 17,761 shares in the company, valued at approximately $1,026,763.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 9.00% of the company’s stock.

Institutional Investors Weigh In On Olin

A number of institutional investors and hedge funds have recently modified their holdings of OLN. Invesco Ltd. grew its holdings in shares of Olin by 37.3% in the 4th quarter. Invesco Ltd. now owns 4,391,847 shares of the specialty chemicals company’s stock worth $252,618,000 after acquiring an additional 1,193,359 shares during the period. Marshall Wace LLP grew its holdings in shares of Olin by 1,350.2% in the 4th quarter. Marshall Wace LLP now owns 1,147,699 shares of the specialty chemicals company’s stock worth $66,015,000 after acquiring an additional 1,068,558 shares during the period. Thompson Siegel & Walmsley LLC grew its holdings in shares of Olin by 547.3% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,200,786 shares of the specialty chemicals company’s stock worth $55,573,000 after acquiring an additional 1,015,265 shares during the period. First Trust Advisors LP grew its holdings in Olin by 120.8% during the 1st quarter. First Trust Advisors LP now owns 1,390,662 shares of the specialty chemicals company’s stock valued at $72,704,000 after buying an additional 760,691 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Olin by 105.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,015,700 shares of the specialty chemicals company’s stock valued at $53,101,000 after buying an additional 521,300 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.

Olin Company Profile

(Get Rating)

Olin Corporation manufactures and distributes chemical products in the United States, Europe, and internationally. 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, chlorinated organics intermediates and solvents, and sodium hypochlorite.

Further Reading

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Analyst Recommendations for Olin (NYSE:OLN)

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