Morgan Stanley Cuts Olin (NYSE:OLN) Price Target to $28.00

Olin (NYSE:OLN) had its price objective cut by Morgan Stanley from $31.00 to $28.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an underweight rating on the specialty chemicals company’s stock.

Several other analysts have also recently weighed in on the stock. UBS Group dropped their price target on shares of Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, January 31st. Citigroup lowered their price objective on 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 reduced their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Truist Financial lowered their price target on Olin from $38.00 to $32.00 and set a “hold” rating for the company in a report on Monday. Finally, Barclays reduced their price objective on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $40.94.

Olin Stock Performance

Shares of Olin stock opened at $28.42 on Tuesday. The business’s 50 day moving average price is $34.60 and its 200 day moving average price is $40.64. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 0.69 and a beta of 1.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. Olin has a one year low of $26.48 and a one year high of $60.60.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. On average, research analysts predict that Olin will post 2.47 EPS for the current year.

Olin declared that its board has approved a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The stock was acquired at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the transaction, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased 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 valued at $28,000 after purchasing an additional 276 shares during the last quarter. Covestor Ltd grew its stake 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 purchasing an additional 715 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Olin in the third quarter valued at $47,000. Spire Wealth Management raised its stake in Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after buying an additional 1,150 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Olin by 26.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock valued at $75,000 after buying an additional 318 shares in the last quarter. Hedge funds and other 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.