Barclays Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price target reduced by equities researchers at Barclays from $45.00 to $43.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the specialty chemicals company’s stock. Barclays‘s price target would suggest a potential upside of 17.49% from the stock’s previous close.

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

Olin Price Performance

NYSE:OLN traded down $1.49 during trading hours on Friday, reaching $36.60. The stock had a trading volume of 137,611 shares, compared to its average volume of 1,211,601. The company has a 50 day moving average price of $43.30 and a two-hundred day moving average price of $45.18. Olin has a 52 week low of $36.60 and a 52 week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The stock has a market capitalization of $4.27 billion, a PE ratio of 29.69, a PEG ratio of 1.54 and a beta of 1.43.

Olin announced that its board has initiated a stock repurchase 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its holdings in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the period. nVerses Capital LLC purchased a new position in shares of Olin in the 2nd quarter valued at $33,000. Covestor Ltd grew its stake in Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after purchasing an additional 715 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Olin in the 3rd quarter worth approximately $47,000. Finally, Denver PWM LLC acquired a new position in shares of Olin during the second quarter worth $59,000. 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.