Share Repurchase Plan Announced by Olin (NYSE:OLN) Board of Directors

Olin (NYSE:OLN) declared that its board has approved a share buyback plan on Thursday, December 12th, RTT News reports. The company plans to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Olin Stock Down 0.1 %

NYSE OLN opened at $38.09 on Friday. Olin has a fifty-two week low of $37.60 and a fifty-two week high of $60.60. The stock has a market cap of $4.44 billion, a PE ratio of 30.72, a P/E/G ratio of 1.67 and a beta of 1.43. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. The business has a 50 day moving average price of $43.30 and a two-hundred day moving average price of $45.18.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.10%. Olin’s dividend payout ratio (DPR) is 64.52%.

Wall Street Analysts Forecast Growth

OLN has been the topic of several research analyst reports. Barclays decreased their target price on shares of Olin from $49.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. KeyCorp decreased their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Royal Bank of Canada dropped their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. 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. Finally, Wells Fargo & Company dropped their price target on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.86.

Insider Activity at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction that occurred 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 transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.

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.