Barclays Cuts Olin (NYSE:OLN) Price Target to $43.00

Olin (NYSE:OLN) had its price target trimmed by Barclays from $45.00 to $43.00 in a report released on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the specialty chemicals company’s stock.

Several other brokerages have also recently commented on OLN. BMO Capital Markets reduced their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. KeyCorp reduced their price objective on shares of Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Piper Sandler decreased their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Wells Fargo & Company dropped their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, Royal Bank of Canada decreased their price target on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Olin has a consensus rating of “Hold” and an average target price of $51.71.

Olin Trading Down 2.0 %

OLN opened at $37.31 on Friday. The company’s 50 day moving average price is $43.08 and its two-hundred day moving average price is $45.00. The firm has a market capitalization of $4.35 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 1.54 and a beta of 1.43. Olin has a fifty-two week low of $36.56 and a fifty-two week high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

Olin announced that its board has authorized a share buyback program on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, November 14th. Olin’s dividend payout ratio (DPR) is 64.52%.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by insiders.

Institutional Trading of Olin

Several institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. grew its position in Olin by 19.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after purchasing an additional 172,768 shares in the last quarter. Synovus Financial Corp bought a new stake in Olin during the third quarter worth $253,000. Wilmington Savings Fund Society FSB purchased a new position in Olin in the third quarter worth $256,000. First Sabrepoint Capital Management LP bought a new position in Olin in the 3rd quarter valued at $5,278,000. Finally, Barclays PLC increased its position in shares of Olin by 37.7% during the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after purchasing an additional 34,485 shares during the last quarter. Institutional investors own 88.67% 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.