Olin (NYSE:OLN) Price Target Raised to $26.00 at Mizuho

Olin (NYSE:OLN) had its price objective hoisted by Mizuho from $24.00 to $26.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.

Several other brokerages also recently commented on OLN. Zacks Research downgraded shares of Olin from a “hold” rating to a “strong sell” rating in a report on Thursday, January 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 price objective on shares of Olin in a research report on Tuesday, February 10th. Wall Street Zen lowered Olin from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Morgan Stanley reduced their target price on Olin from $20.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. Finally, Truist Financial decreased their target price on Olin from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $23.87.

Olin Trading Up 3.0%

Shares of Olin stock opened at $29.74 on Tuesday. Olin has a 12-month low of $17.66 and a 12-month high of $30.46. The company has a market cap of $3.39 billion, a price-to-earnings ratio of -78.25 and a beta of 1.56. The company has a current ratio of 1.21, a quick ratio of 0.73 and a debt-to-equity ratio of 1.45. The company’s 50-day moving average price is $24.87 and its 200-day moving average price is $23.05.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, meeting the consensus estimate of ($0.58). The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. Olin’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 earnings per share. On average, equities analysts expect that Olin will post 1.38 earnings per share for the current fiscal year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, March 3rd. Olin’s payout ratio is currently -210.53%.

Insider Buying and Selling

In related news, CFO Todd A. Slater sold 92,250 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total value of $2,073,780.00. Following the transaction, the chief financial officer owned 44,291 shares of the company’s stock, valued at $995,661.68. This represents a 67.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Angela M. Castle sold 2,379 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the sale, the vice president owned 1,528 shares in the company, valued at $37,054. The trade was a 60.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 99,379 shares of company stock worth $2,238,298. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

A number of large investors have recently modified their holdings of the company. Orbis Allan Gray Ltd boosted its stake in Olin by 448.9% in the fourth quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock worth $79,249,000 after buying an additional 3,111,393 shares in the last quarter. Ilex Capital Partners UK LLP bought a new position in Olin during the second quarter valued at approximately $50,476,000. Millennium Management LLC raised its stake in shares of Olin by 1,063.0% during the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after acquiring an additional 2,272,877 shares in the last quarter. Norges Bank purchased a new position in shares of Olin during the second quarter worth approximately $27,843,000. Finally, Semper Augustus Investments Group LLC lifted its holdings in shares of Olin by 141.3% in the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after acquiring an additional 1,126,809 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.