Piper Sandler Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its target price reduced by investment analysts at Piper Sandler from $51.00 to $41.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s price target would suggest a potential upside of 25.65% from the stock’s previous close.

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

Olin Price Performance

Shares of NYSE:OLN opened at $32.63 on Tuesday. Olin has a fifty-two week low of $32.12 and a fifty-two 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 firm has a fifty day moving average price of $39.13 and a 200 day moving average price of $43.02. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 1.51 and a beta of 1.48.

Olin declared that its board has approved a share repurchase plan on Thursday, December 12th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction that occurred 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 transaction, the vice president now owns 24,056 shares of the company’s stock, valued at $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. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of OLN. Farther Finance Advisors LLC grew its position in shares of Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 276 shares during the last quarter. Covestor Ltd lifted its stake in Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP acquired a new stake in Olin during the 3rd quarter valued at approximately $47,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Olin by 26.2% during 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 acquiring an additional 318 shares during the period. Finally, UMB Bank n.a. lifted its stake in Olin by 4,862.5% during the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after acquiring an additional 1,556 shares during the period. 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.