Piper Sandler Lowers Olin (NYSE:OLN) Price Target to $41.00

Olin (NYSE:OLN) had its target price lowered by stock analysts at Piper Sandler from $51.00 to $41.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s target price indicates a potential upside of 28.93% from the stock’s current price.

Several other analysts have also commented on the company. Wells Fargo & Company dropped their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Citigroup dropped their price objective on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. KeyCorp decreased their target price on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Royal Bank of Canada dropped their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Finally, BMO Capital Markets decreased 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 report on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $49.43.

Olin Trading Down 1.0 %

Shares of Olin stock opened at $31.80 on Tuesday. Olin has a 1 year low of $31.13 and a 1 year 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. The stock has a market cap of $3.71 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. The firm has a fifty day moving average price of $38.96 and a 200 day moving average price of $42.90.

Olin declared that its board has authorized a stock repurchase plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. First Hawaiian Bank grew its position in shares of Olin by 9.0% in the fourth quarter. First Hawaiian Bank now owns 21,642 shares of the specialty chemicals company’s stock valued at $732,000 after purchasing an additional 1,785 shares in the last quarter. Franklin Resources Inc. boosted its stake in Olin by 19.2% during the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after buying an additional 172,768 shares during the last quarter. Synovus Financial Corp purchased a new stake in Olin in the 3rd quarter valued at $253,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Olin in the 3rd quarter worth $256,000. Finally, First Sabrepoint Capital Management LP purchased a new position in shares of Olin during the 3rd quarter worth $5,278,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.