Olin Co. (NYSE:OLN) Expected to Earn FY2023 Earnings of $3.32 Per Share

Olin Co. (NYSE:OLN) – KeyCorp cut their FY2023 EPS estimates for shares of Olin in a report released on Sunday, October 29th. KeyCorp analyst A. Yefremov now anticipates that the specialty chemicals company will post earnings per share of $3.32 for the year, down from their previous forecast of $3.77. KeyCorp has a “Overweight” rating and a $61.00 price target on the stock. The consensus estimate for Olin’s current full-year earnings is $3.68 per share. KeyCorp also issued estimates for Olin’s Q4 2023 earnings at $0.17 EPS, Q1 2024 earnings at $0.39 EPS, Q2 2024 earnings at $0.84 EPS and FY2024 earnings at $3.88 EPS.

Olin (NYSE:OLN) last posted its quarterly earnings data on Friday, October 27th. The specialty chemicals company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.15. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Olin had a net margin of 8.39% and a return on equity of 24.36%. The company’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.18 EPS.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley lowered their price objective on shares of Olin from $50.00 to $38.00 and set an “underweight” rating for the company in a research report on Monday. Barclays lowered their price objective on shares of Olin from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday. The Goldman Sachs Group lowered their price target on shares of Olin from $57.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday. Vertical Research cut shares of Olin from a “buy” rating to a “hold” rating and set a $58.00 price target for the company. in a research report on Tuesday, September 5th. Finally, Royal Bank of Canada lifted their price target on shares of Olin from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.50.

Olin Trading Down 0.9 %

OLN opened at $42.32 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $5.19 billion, a PE ratio of 9.32 and a beta of 1.47. Olin has a 1-year low of $41.71 and a 1-year high of $64.70. The firm has a 50-day moving average price of $49.12 and a two-hundred day moving average price of $52.19.

Olin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Thursday, November 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Wednesday, November 8th. Olin’s payout ratio is 17.62%.

Insider Buying and Selling

In other Olin news, VP Damian Gumpel sold 8,000 shares of Olin stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $58.38, for a total value of $467,040.00. Following the transaction, the vice president now owns 27,651 shares of the company’s stock, valued at $1,614,265.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Olin news, VP Damian Gumpel sold 8,000 shares of Olin stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $58.38, for a total value of $467,040.00. Following the transaction, the vice president now owns 27,651 shares of the company’s stock, valued at $1,614,265.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brett A. Flaugher sold 11,250 shares of Olin stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $58.95, for a total transaction of $663,187.50. The disclosure for this sale can be found here. Insiders have sold 20,050 shares of company stock valued at $1,174,540 in the last 90 days. 1.60% of the stock is owned by insiders.

Institutional Trading of Olin

A number of institutional investors have recently made changes to their positions in the business. Baystate Wealth Management LLC increased its holdings in Olin by 154.6% during the third quarter. Baystate Wealth Management LLC now owns 494 shares of the specialty chemicals company’s stock worth $25,000 after buying an additional 300 shares during the last quarter. Salem Investment Counselors Inc. acquired a new position in Olin during the first quarter worth $26,000. Ten Capital Wealth Advisors LLC acquired a new position in Olin during the first quarter worth $28,000. Industrial Alliance Investment Management Inc. acquired a new position in Olin during the first quarter worth $31,000. Finally, Quarry LP increased its holdings in Olin by 508.6% during the first quarter. Quarry LP now owns 706 shares of the specialty chemicals company’s stock worth $39,000 after buying an additional 590 shares during the last quarter. Institutional investors own 85.69% of the company’s stock.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, and chlorinated organics intermediates and solvents.