Piper Sandler Downgrades Olin (NYSE:OLN) to Neutral

Olin (NYSE:OLN) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Thursday,Briefing.com Automated Import reports. They presently have a $33.00 target price on the specialty chemicals company’s stock, down from their previous target price of $41.00. Piper Sandler’s target price suggests a potential upside of 17.90% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Barclays lowered their target price on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Bank of America raised Olin from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. Royal Bank of Canada cut Olin from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $45.00 to $30.00 in a research note on Tuesday, February 4th. Citigroup lowered their target price on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Finally, Wells Fargo & Company cut their price target on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Olin has an average rating of “Hold” and an average target price of $40.44.

Olin Stock Performance

Shares of OLN stock opened at $27.99 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The business has a 50 day moving average of $33.45 and a two-hundred day moving average of $40.06. The company has a market cap of $3.26 billion, a P/E ratio of 31.10, a PEG ratio of 0.91 and a beta of 1.45. Olin has a 52 week low of $26.48 and a 52 week high of $60.60.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, analysts anticipate that Olin will post 1.83 EPS for the current year.

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

Insider Transactions at Olin

In other news, CEO Kenneth Todd Lane bought 7,250 shares of the stock in a transaction on Tuesday, February 4th. The shares were purchased at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the purchase, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Olin

Several institutional investors have recently made changes to their positions in OLN. Farther Finance Advisors LLC lifted its holdings in Olin by 88.2% during 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 raised 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 valued at $44,000 after acquiring an additional 715 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Olin in the 3rd quarter worth approximately $47,000. Spire Wealth Management boosted its holdings in shares of Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 1,150 shares in the last quarter. Finally, CoreFirst Bank & Trust acquired a new stake in Olin during the 4th quarter valued at $66,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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.