Olin (NYSE:OLN) Downgraded to “Sector Perform” Rating by Royal Bank of Canada

Olin (NYSE:OLN) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report released on Tuesday,Finviz reports. They currently have a $30.00 price target on the specialty chemicals company’s stock, down from their prior price target of $45.00. Royal Bank of Canada’s price target would indicate a potential upside of 8.01% from the company’s previous close.

A number of other research firms have also commented on OLN. UBS Group dropped their price objective on shares of Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday. Piper Sandler reduced their target price on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Wells Fargo & Company dropped their price target on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday. Truist Financial decreased their price target on shares of Olin from $38.00 to $32.00 and set a “hold” rating for the company in a research report on Monday. Finally, Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $41.94.

Olin Trading Down 5.2 %

Shares of Olin stock opened at $27.78 on Tuesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The firm has a 50-day simple moving average of $35.52 and a two-hundred day simple moving average of $41.03. The company has a market cap of $3.24 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 0.69 and a beta of 1.45. Olin has a fifty-two week low of $27.15 and a fifty-two week high of $60.60.

Olin (NYSE:OLN) last posted 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%. As a group, equities analysts predict that Olin will post 2.47 earnings per share for the current fiscal year.

Olin declared that its Board of Directors 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 purchase up to 45% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Olin

A number of institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in shares of Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 276 shares during the period. Covestor Ltd increased its stake in shares of Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Olin during the third quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 valued at $75,000 after purchasing an additional 318 shares during the period. Finally, UMB Bank n.a. boosted its holdings in Olin by 4,862.5% in the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 1,556 shares during 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.