Olin (NYSE:OLN) Price Target Lowered to $30.00 at Citigroup

Olin (NYSE:OLN) had its target price decreased by Citigroup from $34.00 to $30.00 in a research report sent to investors on Thursday,Benzinga reports. Citigroup currently has a buy rating on the specialty chemicals company’s stock.

A number of other analysts also recently issued reports on OLN. Morgan Stanley lowered their price target on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a report on Tuesday, February 4th. JPMorgan Chase & Co. cut Olin from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $50.00 to $28.00 in a research report on Thursday, February 27th. UBS Group set a $28.00 price target on Olin in a research note on Thursday, February 27th. KeyCorp lowered their price target on Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, Royal Bank of Canada downgraded Olin from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $45.00 to $30.00 in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.44.

Olin Price Performance

Shares of OLN opened at $25.23 on Thursday. The business’s 50-day moving average is $27.51 and its two-hundred day moving average is $36.27. The company has a market capitalization of $2.91 billion, a P/E ratio of 28.04 and a beta of 1.61. Olin has a fifty-two week low of $22.98 and a fifty-two week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27.

Olin (NYSE:OLN) last posted its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 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%. Research analysts predict that Olin will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were paid a $0.20 dividend. The ex-dividend date was Thursday, March 6th. This represents a $0.80 annualized dividend and a dividend yield of 3.17%. Olin’s dividend payout ratio (DPR) is 88.89%.

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

Insider Activity at Olin

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was purchased at an average price of $28.06 per share, with a total value of $203,435.00. Following the transaction, the chief executive officer now owns 7,250 shares of the company’s stock, valued at approximately $203,435. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Covestor Ltd lifted its position in shares of Olin by 45.8% during the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock worth $45,000 after purchasing an additional 419 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in Olin by 9.4% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock valued at $197,000 after purchasing an additional 500 shares during the period. Connable Office Inc. grew its stake in Olin by 9.3% during the 4th quarter. Connable Office Inc. now owns 6,207 shares of the specialty chemicals company’s stock worth $210,000 after purchasing an additional 527 shares in the last quarter. First Citizens Bank & Trust Co. increased its holdings in Olin by 8.5% during the 4th quarter. First Citizens Bank & Trust Co. now owns 6,930 shares of the specialty chemicals company’s stock worth $234,000 after purchasing an additional 542 shares during the period. Finally, Captrust Financial Advisors raised its position in Olin by 14.4% in the 3rd quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock valued at $240,000 after purchasing an additional 630 shares in the last quarter. 88.67% of the stock is currently owned by hedge funds and other 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.