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

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

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

Olin Stock Performance

Shares of OLN opened at $37.31 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The firm has a market cap of $4.35 billion, a PE ratio of 30.09, a PEG ratio of 1.54 and a beta of 1.43. Olin has a 1 year low of $36.56 and a 1 year high of $60.60. The stock’s fifty day moving average price is $43.08 and its two-hundred day moving average price is $45.00.

Olin Dividend Announcement

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

Olin declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 45% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were 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 in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Olin

Large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its stake in Olin by 20.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,466 shares of the specialty chemicals company’s stock worth $399,000 after purchasing an additional 1,440 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in Olin during the 2nd quarter valued at $211,000. Wedge Capital Management L L P NC boosted its position in Olin by 14.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 37,056 shares of the specialty chemicals company’s stock valued at $1,747,000 after buying an additional 4,685 shares during the period. Blue Trust Inc. grew its holdings in Olin by 79.1% in the 2nd quarter. Blue Trust Inc. now owns 1,311 shares of the specialty chemicals company’s stock worth $62,000 after acquiring an additional 579 shares during the last quarter. Finally, Raymond James & Associates increased its position in shares of Olin by 11.4% in the second quarter. Raymond James & Associates now owns 174,220 shares of the specialty chemicals company’s stock valued at $8,214,000 after acquiring an additional 17,801 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Company Profile

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.