Olin (NYSE:OLN) Downgraded by JPMorgan Chase & Co. to Neutral

Olin (NYSE:OLN) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Thursday,Finviz reports. They currently have a $28.00 price target on the specialty chemicals company’s stock, down from their previous price target of $50.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.57% from the company’s current price.

A number of other brokerages also recently weighed in on OLN. UBS Group set a $28.00 price objective on Olin in a research report on Thursday. Piper Sandler downgraded Olin from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $41.00 to $33.00 in a report on Thursday, February 13th. Morgan Stanley decreased their price target on Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. Citigroup cut 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. Finally, Wells Fargo & Company reiterated an “equal weight” rating on shares of Olin in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $38.38.

Olin Trading Down 3.2 %

Olin stock opened at $25.79 on Thursday. The business has a 50-day simple moving average of $31.15 and a two-hundred day simple moving average of $38.98. The company has a market cap of $2.98 billion, a P/E ratio of 28.66 and a beta of 1.45. Olin has a 52-week low of $25.77 and a 52-week high of $60.60. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. Analysts predict that Olin will post 1.38 EPS for the current year.

Olin announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Olin

In related news, CEO Kenneth Todd Lane bought 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The stock was bought at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the acquisition, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Olin

Institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its holdings in shares of 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 purchasing an additional 276 shares during the last quarter. Covestor Ltd boosted its position 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 buying an additional 715 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Olin during the third quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares during the period. Finally, Spire Wealth Management boosted its position in shares of Olin by 246.8% during the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after buying an additional 1,150 shares during the period. 88.67% of the stock is owned by institutional investors.

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.