Share Repurchase Plan Announced by Olin (NYSE:OLN) Board of Directors

Olin (NYSE:OLN) announced that its Board of Directors has authorized a share buyback plan on Thursday, December 12th, RTT News reports. The company plans to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on OLN shares. Wells Fargo & Company cut their target price on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Royal Bank of Canada cut their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Piper Sandler decreased their target price on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. BMO Capital Markets lowered their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Finally, KeyCorp reduced their price objective on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.86.

Olin Trading Down 0.1 %

Shares of OLN opened at $38.09 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. Olin has a 1-year low of $37.60 and a 1-year high of $60.60. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43. The firm has a 50 day simple moving average of $43.30 and a 200-day simple moving average of $45.18.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.10%. The ex-dividend date is Thursday, November 14th. Olin’s payout ratio is 64.52%.

Insider Transactions at Olin

In other 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 sale, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.60% 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.