Morgan Stanley Lowers Olin (NYSE:OLN) Price Target to $31.00

Olin (NYSE:OLN) had its target price lowered by Morgan Stanley from $41.00 to $31.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an underweight rating on the specialty chemicals company’s stock.

A number of other equities analysts also recently issued reports on OLN. KeyCorp lowered their price target on Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday. Barclays dropped their price target on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Friday, December 13th. Citigroup reduced their price objective on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 16th. BMO Capital Markets dropped their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Finally, Piper Sandler reduced their price target on shares of Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Olin currently has an average rating of “Hold” and a consensus target price of $47.80.

Olin Trading Up 2.2 %

Shares of Olin stock opened at $31.69 on Monday. The firm has a 50-day simple moving average of $38.18 and a two-hundred day simple moving average of $42.44. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. Olin has a fifty-two week low of $30.69 and a fifty-two week high of $60.60. The company has a market cap of $3.69 billion, a P/E ratio of 25.56, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48.

Olin announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.52%. Olin’s payout ratio is 64.52%.

Insiders Place Their Bets

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 value of $459,375.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Several large investors have recently made changes to their positions in OLN. Farther Finance Advisors LLC grew its holdings in shares of Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares in the last quarter. Covestor Ltd increased its position in shares of Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP purchased a new stake in Olin during the 3rd quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. raised its position in Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock valued at $75,000 after purchasing an additional 318 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Olin by 4,862.5% during the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock worth $76,000 after purchasing an additional 1,556 shares in the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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.