KeyCorp Cuts Olin (NYSE:OLN) Price Target to $50.00

Olin (NYSE:OLN) had its price objective lowered by analysts at KeyCorp from $56.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the specialty chemicals company’s stock. KeyCorp’s price objective points to a potential upside of 61.19% from the company’s previous close.

A number of other brokerages also recently weighed in on OLN. Piper Sandler lowered their price objective 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. Barclays reduced their price target on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Wells Fargo & Company cut their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Citigroup cut their target price on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Finally, BMO Capital Markets cut their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $49.00.

Olin Price Performance

Shares of NYSE:OLN opened at $31.02 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. Olin has a fifty-two week low of $30.95 and a fifty-two week high of $60.60. The firm has a 50-day simple moving average of $38.39 and a 200 day simple moving average of $42.59. The company has a market cap of $3.62 billion, a PE ratio of 25.02, a P/E/G ratio of 1.51 and a beta of 1.48.

Olin announced that its board has initiated a stock buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction 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 of the company’s stock, valued at $1,052,450. This represents a 30.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Olin

A number of hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC increased its position in Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 during the last quarter. Entropy Technologies LP boosted its stake in shares of Olin by 2.5% in the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock valued at $648,000 after purchasing an additional 332 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 350 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in Olin by 14.4% during the 3rd quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock worth $240,000 after acquiring an additional 630 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

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.