Olin Co. (NYSE:OLN – Get Rating) – Analysts at KeyCorp reduced their FY2022 earnings per share (EPS) estimates for shares of Olin in a report released on Sunday, November 20th. KeyCorp analyst A. Yefremov now anticipates that the specialty chemicals company will post earnings per share of $8.81 for the year, down from their previous forecast of $8.84. KeyCorp currently has a “Overweight” rating and a $58.00 price objective on the stock. The consensus estimate for Olin’s current full-year earnings is $8.84 per share. KeyCorp also issued estimates for Olin’s Q4 2022 earnings at $1.32 EPS.
A number of other equities analysts have also recently weighed in on the company. Piper Sandler decreased their price objective on Olin from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, October 10th. Barclays raised their price objective on Olin from $54.00 to $60.00 and gave the company an “equal weight” rating in a report on Tuesday, November 1st. Citigroup lifted their price target on Olin to $55.00 in a research note on Tuesday, November 1st. Wells Fargo & Company set a $69.00 price target on Olin in a research note on Thursday, November 17th. Finally, Credit Suisse Group lifted their price target on Olin from $40.00 to $45.00 and gave the stock an “underperform” rating in a research note on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.09.
Olin Stock Performance
Institutional Investors Weigh In On Olin
Several hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its stake in shares of Olin by 36.4% in the first quarter. Commonwealth Equity Services LLC now owns 38,936 shares of the specialty chemicals company’s stock worth $2,035,000 after purchasing an additional 10,382 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in shares of Olin by 7.2% in the second quarter. Stratos Wealth Partners LTD. now owns 4,377 shares of the specialty chemicals company’s stock worth $203,000 after purchasing an additional 294 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Olin by 4.8% in the first quarter. PNC Financial Services Group Inc. now owns 24,858 shares of the specialty chemicals company’s stock worth $1,300,000 after purchasing an additional 1,143 shares during the last quarter. Coombe Bender & Co LLC purchased a new position in shares of Olin in the second quarter worth $3,306,000. Finally, Thompson Siegel & Walmsley LLC raised its stake in shares of Olin by 547.3% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,200,786 shares of the specialty chemicals company’s stock worth $55,573,000 after purchasing an additional 1,015,265 shares during the last quarter. 87.92% of the stock is currently owned by institutional investors.
Insider Transactions at Olin
In related news, COO James A. Varilek sold 50,000 shares of Olin stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $56.56, for a total transaction of $2,828,000.00. Following the sale, the chief operating officer now directly owns 17,761 shares in the company, valued at $1,004,562.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.00% of the company’s stock.
Olin Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Thursday, November 10th will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, November 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.38%. Olin’s dividend payout ratio is currently 8.59%.
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.
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