Olin (NYSE:OLN) Price Target Cut to $57.00

Olin (NYSE:OLN) had its target price reduced by KeyCorp from $62.00 to $57.00 in a report issued on Monday morning, Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock. KeyCorp also issued estimates for Olin’s Q3 2024 earnings at $0.07 EPS, Q4 2024 earnings at $0.41 EPS, FY2024 earnings at $1.59 EPS, Q1 2025 earnings at $0.72 EPS, Q2 2025 earnings at $0.69 EPS, Q3 2025 earnings at $1.05 EPS, Q4 2025 earnings at $0.91 EPS and FY2025 earnings at $3.37 EPS.

Other equities research analysts have also recently issued reports about the stock. Bank of America cut shares of Olin from a buy rating to a neutral rating and reduced their price target for the company from $62.00 to $51.00 in a research report on Monday, July 29th. UBS Group reduced their target price on Olin from $59.00 to $51.00 and set a neutral rating on the stock in a research note on Tuesday, July 9th. The Goldman Sachs Group decreased their target price on shares of Olin from $55.00 to $49.00 and set a neutral rating on the stock in a research report on Monday, July 29th. Mizuho started coverage on shares of Olin in a report on Thursday, August 8th. They issued a neutral rating and a $45.00 target price for the company. Finally, Piper Sandler reduced their price objective on Olin from $75.00 to $57.00 and set an overweight rating on the stock in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Olin has an average rating of Hold and an average target price of $52.40.

Olin Price Performance

Shares of OLN opened at $47.11 on Monday. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.43 and a quick ratio of 0.82. The stock has a market cap of $5.54 billion, a PE ratio of 20.75, a P/E/G ratio of 1.02 and a beta of 1.41. The firm has a 50-day simple moving average of $43.78 and a two-hundred day simple moving average of $49.17. Olin has a 1-year low of $39.47 and a 1-year high of $60.60.

Olin (NYSE:OLN) last announced its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.08). Olin had a return on equity of 11.73% and a net margin of 4.26%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the company earned $1.13 earnings per share. Olin’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, analysts forecast that Olin will post 1.61 EPS for the current year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 8th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 1.70%. Olin’s dividend payout ratio is presently 35.24%.

Institutional Trading of Olin

Hedge funds and other institutional investors have recently modified their holdings of the company. LRI Investments LLC purchased a new stake in Olin in the 1st quarter worth approximately $28,000. EverSource Wealth Advisors LLC raised its stake in Olin by 4,375.0% during the first quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 525 shares in the last quarter. nVerses Capital LLC bought a new position in Olin during the 2nd quarter valued at about $33,000. Quarry LP acquired a new position in Olin in the fourth quarter worth $50,000. Finally, Denver PWM LLC acquired a new position in Olin during the 2nd quarter worth about $59,000. Institutional investors 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.